With austerity light on taxes, Cyprus sees economy rebound

After emerging from a three-year, multi-billion euro rescue program, Cyprus boasts one of the highest economic growth rates among the 19 eurozone countries — an annual rate of 2.7 percent in the first quarter.

Cyprus was on the brink of bankruptcy in March, 2013, after a banking crisis overwhelmed state coffers, which were already strained by years of huge budget deficits and government overspending on the massive public sector.

Unsecured deposits in the country's largest lender were seized to buttress a teetering banking sector, while the second largest lender was forced to shut its doors with savers seeing their money evaporating except for a protected 100,000 euros.

Critics have accused the government of working its fiscal gymnastics on the backs of the poor — essentially chopping salaries for public sector workers.