The Turkish-occupied part of Cyprus has launched an advertising campaign in the UK in a bid to capitalize on the Cypriot Republic’s economic problems by reminding potential visits that it does not use the euro.
Only a few days after Cyprus agreed to a major banking overhaul involving heavy losses for depositors as part of a bailout deal with the eurozone and International Monetary Fund, the advertising campaign informed readers that the northern part of the island uses the Turkish lira and is not suffering “euro worries.”
The northern third of Cyprus has been occupied by Turkish forces since 1974 and is only recognized as a state by Turkey. It receives more than 400,000 visitors a year.
Almost 2.5 million people visited Cyprus last year. Revenue from tourism accounts for close to 10 percent of the Cypriot economy.