Cyprus became the latest euro zone domino to teeter in 2012 just when the worst of the crisis appeared to be over. In March 2013, a compromise rescue plan backed by euro zone finance ministers called for Cyprus to wind down one largely state-owned bank, Popular Bank. The raid on Popular Bank was intended to raise most of the 5.8 billion euros that Cyprus was required to raise as part of the bailout.

After the near collapse of its banking sector last year, tourism receipts are helping to keep Cyprus afloat. Photo: AFP

Standard & Poor's upgrades Cyprus

Standard & Poor’s has upgraded the sovereign foreign credit rating on Cyprus to CCC-plus from selective default following completion of an exchange of bonds the credit rating agency deemed distressed.