Picture Archive: Women Weaving, Cyprus, circa 1920
Cypriots have a leg-up loan but have lost some traditional ways of making a living.
In the past few weeks the island country's failing economy has made headlines. During talks to finalize a European Union bailout—in the end a ten billion euro loan—all banks were closed and citizens lined up at ATMs, which had a strict withdrawal limit to prevent potentially disastrous runs on the banks. In addition, the Cypriot government will seize an as yet undisclosed percent of all bank deposits of more than 100,000 euros.
This isn't the first time Cypriots have faced a financial squeeze. The ruling Templars during the Crusades imposed heavy taxes and put the people's money into the construction of elaborate and costly churches and castles.
When the Ottoman Empire ruled Cyprus from 1571 to 1878, heavy taxes were