Dominoes of Debt  April 12, 2012  While the debt crisis in the
Euro Zone focuses on Greece, the UK, and Ireland, many other
countries struggle to maintain their heads above water. Cyprus,
a small island nation with a population of 1,138,071 and a GDP
of $23.77 billion dollars, is facing its first hard impacting
recession since a civil war in 1974. The country’s economy is
almost entirely comprised of financial services. Its banks
represent risk in loans or other money totaling €152
billion (today that’s about $200 billion or 8 times the national
gross domestic product), but the country may need a bailout from
the Euro Zone soon if new capital is not found. The situation is
tricky, and it could have been avoided.  The country of
Cyprus has a very low corporate tax rate and few individual
taxes, making it a perfect place for large corporations in the
Euro Zone, Russia, even the Middle East, to bank and perform
accounting services. As a result Cyprus saw huge gains in
business after the 1974 war. One sociologist