Pursuits
Casino Money Gibe Turns Into Cyprus Strategy for Economic Crisis
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As the debt crisis tore down Cyprus’s financial industry, some euro partners accused its banks of running a casino for Russians. Now the island is banking on Russians in casinos to help rebuild the economy.
Cyprus has prepared a draft law on casino licensing and operation and is awaiting the findings of a study, due within weeks, on the potential size of the market, Commerce, Tourism and Industry Minister George Lakkotrypis said this week.