To Cyprus...with love?
With the Russian Ruble hitting its maximum rate of 67 RUB for 1 EUR, many international companies are in fear, in particular, the fear has touched the ground in Cyprus.
Just several months ago a Russian citizen could buy a tour package to spend his savings down at the coast of the Mediterranean in beautiful Limassol for some 40.000 Rubles (equal to 1000 EUR), today a decent week with the same budget of 1000 EUR in Cyprus will cost the Russian 67.000 Rubles.
Simple math hints that 27.000 Rubles in difference is over 500 EURs with the recent exchange rate. Fear kicks harder when instincts hint that by summer 2015 an ordinary Russian citizen will have to pay twice as much as he used to for a short vacation to the Island of Love.
Fear…fear is a motivation, a motivation to survive, state of survival was introduced to Cyprus decades ago and who else, if not Cypriots have inherited a rich heritage of immunity.
Tourism, corporate and legal services are the major source of income of Cyprus, how prepared are our hotels, lawyers and corporate providers to face the Russian deficit?