Cyprus had to sign up for a bailout deal and adopt strict reforms and measures a little over two years after Greece did, but it still managed to come out from under foreign supervision first.
In that time and since its program ended, Cyprus has made significant strides and is now a major destination for Greek businesses thanks to its tax system and other important factors.
Cyprus’s achievement is not just due to the structural changes it introduced or the efforts it made to clean up its fiscal performance. It is also largely due to the open-mindedness of its political parties and their willingness to cooperate and agree on the big issues.
As Greece goes through a seventh year of austerity and fiscal adjustment, the example of Cyprus should tell us all that we can’t keep blaming the foreigners alone for this predicament.