According to an article that was published yesterday in The Economist, the bail-in approach for rescuing the Cypriot economy has failed. Even though the economy has proved more resilient than what it was initially thought, mainly due to tourism from Russia and the business services industry, there are still no indication of when things will be improving. It called President’s Anastasiades recent statement claiming Cyprus is on its way to a new economic miracle, premature.

You can read the article here.