When Cyprus returned to the international capital markets at the end of April, it was able to demonstrate emphatically that it is not Greece. Morgan Stanley was a lead manager on the €1bn deal, and its team included one member who was well acquainted with the difference – the International Monetary Fund's (IMF's) former frontman in the eurozone crisis.
Cyprus – or at least the Greek part of the divided island – has umbilical social, linguistic and cultural ties with Greece. It was the very closeness of their connection that sucked Cyprus, belatedly, into the eurozone crisis.