Looking at recessions over the past forty years, a recovery in employment occurs (on average) nineteen months after GDP growth ends a recession.

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How this situation ends up will likely be quite ugly for the average Cypriot.

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In March it set a target of 7.5% for this year, consistent with an average of 7% over the course of the five-year plan that ends in 2015.

ECONOMIST: Pedalling prosperity