Cyprus Credit Crunch Fallout?

Description:

Preparations are being made in the event of the credit crunch reaching Cyprus.
 
The President of Cyprus, Demetris Christofias, has confirmed that Cyprus is working on measures to combat the possibility of a fallout from the current world financial crisis. He has stressed that the Cypriot Banking system is in order but their is bound to be some difficulties facing Cyprus.
 
The tourist industry in Cyprus has seen a decline of 3.2% for the month of September compared to the same period last year. The same predictions are expected for next year because of the looming recession in other countries.