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less useful yardstick for accessing Cypriot performance, a yardstick nonetheless, as their inclusion in the analysis at least reduces the criticism of a bias of hindsight, seeing Cyprus as more like a "More Developed Mediterranean" economy than a small primary oriented one because that is what the Republic subsequently became. In 1960 and without the important artificial constraint or Stimuli of war, Cyprus may have broadly followed the path indicated by the background, conditioning and performance indicators of the other Micro Economies, countries with which Cyprus actively and successively politically associated itself 45 . The present approach aims to avoid the problems associated with the effects of the terms of trade on a small economy by both concentrating on aggregate mean growth rates and by substantiating the argument with a range of proxy measures, some from other potential peer group économies. Comparing other similar regional économies with Cyprus in 1960 Primary producing économies with populations below 1 million in 1960, though more like Cyprus in theory, do not compare as well in terms of key background, conditioning and performance factors. This may be influenced as much by the availability of evidence, given the need for relatively long time sériés reflecting a wide range of economic and social indicators, as by more structural différences. Ultimately, in the case of Cyprus, a hand picked regional group with similar per capita incomes 46 (Figure 6.14) may prove to be more similar to the Cypriot economy and more likely to reflect an alternative performance than size and structure taken in abstract. 45 "It is well known that Cyprus since independence has been a consistent and active founding member of the Non-Aligned Movement (NAM). The first President of the Republic... was one of the originators of the Movement, who in parallel founded Cyprus' non-aligned foreign policy. " The Almanan nf Cyprus 1992. Nicosia. Press and Information Office (PIO), p.55. 46 The World Bank, in "Evidence from Cross-Economy Regressions of per capita income growth" (IBRD. 1993. The East Asian Miracle..., op. cit., pp. 48-54) reported that "Beyond accumulation of physical and human capital, initial income also has a significant relationship with per capita income growth. Economies that were relatively poor in 1960 grew significantly faster 'than relatively rieh ones, Controlling for levels of éducation and investment. " 315
Figure 6.14 "More Developed Medìterranean"per capita income in 1960 •E 1 $1,000 $900 $800 $700 g $600 -- .3 $500 -- $400 $300 $200 $100 -- Israel Greece Cyprus Portugal Yugoslavia San«: Summen & Heitan. Dee. 1994. Penn Warid Table» (PWT) venion 5.6.. Turicey Malta The mostly larger économies included in the World Bank's "More Developed Mediterranean" (MDM) category had, ignoring Israël, similar per capita incomes in 1960 (see Figure 6.14). Figure 6.15 Structure of production; % ofGDP derivingfrom agriculture and industry in the "MDM" économies in 1960. B lndusliy ¡31 Agriculture Yugoslavia Portugal Israel Cyprus Malta Greece Turicey Source: UN Yeafbooki of Nat. Account* Stai's 1980; IBRD "World Tables 1983" for Yugoslavia. They also did not have any more dissimilar economic structures than the Micro Economies (see Figures 6.7 and 6.15). In such ways these économies, sharing the same région, could have more in common with Cyprus in 1960 and be more likely to share a common growth path subsequently than did a very diverse group of very 316
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ACKNOWLEDGEMENTS I would like to th
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ABSTRACT This thesis examines the e
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Table Of Contents Page Change in ec
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List Of Figures 2.27 Revenue from t
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List Of Figures 5.25 Main destinati
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List Of Figures 7.8 The degree of o
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List Of Tables 6.7 All island, Gree
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This thesis will examine the econom
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Vassiliou's classic work 5 publishe
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As many questions raised by economi
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Figure 1.1 The structure of recent
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In terms of the topic of this thesi
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political landmark coincides with a
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were the mechanisms which encourage
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however, Chapter 5 concentrates on
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Defining the title The first priori
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such? Is northern Cyprus simply run
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unlike Greece in 1923, were already
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itself as having been literally und
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economic history, Christodoulou's s
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incurred as a resuit of eonfl ict.
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Christodoulou has concentrated his
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any credit for successful economic
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anking technology, administrative c
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(which usually has a regressive imp
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contribution did labour remittances
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having been inspired by Zetter's in
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econstruction also provided a means
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Conclusion In analysing the extent
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he drew distinct analogies with the
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in Cyprus. The main objective is a
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The war proved a watershed in many
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Uruguay, Japan, Trinidad and Tobago
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financial, property and business se
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By 1960 exports represented over 20
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Table 2.1 Domestic Exports FOB in 1
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the period (1960-73), the différen
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Figure 2.4 Principal exports as a p
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producing 12% of GDP. Tourism (rest
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considerably more than Turkey, whos
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income. Mining and quarrying (now m
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Figure 2.10 Principal exports as a
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Figure 2.12 The Destination of the
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Figure 2.14 Ambiguous indicators: T
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Figure 2.15 Sìze of manufacturing
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By 1980 the economy of the Republic
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The scale of the disruption in the
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Whether taking the optimists approa
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financing from financial markets pi
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grew rapidly. In the immediate afte
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One of the major problems facing th
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coming, only concerning policy make
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with particular bottlenecks affecti
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"We attributed this finding to the
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aiding the recovery from the coup a
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employment: rapidly rising real ear
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Until the intervention of public fi
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to pick the Republic of Cyprus as t
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of offshore companies registered in
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Figure 2.27 Revenue from the offsho
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Figure 2.29 The changing compositio
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The structure of the economy, the c
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CHAPTER 3. The foundations of Takis
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Famagusta enclaves would be over-ru
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The historical context of separate
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generally concentrated in the lower
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agreed Constitution. Seemingly Clar
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séparation of the communities bega
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UN. 37 Some additional supplies mus
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Seemingly, by 1970 the Nicosia encl
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was made on the basis of a fixed in
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derived from Turkish transfer payme
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Patrick has offered a more complica
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spare parts and maintenance materia
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Emphasising the growing divisions b
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Chamber, Rauf Denktash, said people
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Figure 3.2 Thepossible economic eff
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produced by them rises significantl
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Committee" was the area military co
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February 1975 the latter bodies set
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The first five-year pian, published
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CHAPTER 4. The construction of a Tu
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Whilst the Turkish-Cypriot leadersh
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of supply, and/or marketing, in key
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shipment of 2000 tons of foodstuffs
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Eti still operateci out of Nicosia,
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institutions in northern Cyprus amo
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with multipurpose co-operatives, a
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A few new co-operatives were formed
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loans. Savings Banks do have access
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espectively. The Famagusta branch w
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Cypriot) Government in the 1960s, t
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increasing costs 31 . This is perha
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packages imported raffinate, supply
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a monopoly respectively. Where ther
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Evkaf is an Islamic organisation fo
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Evkaf had a largely obscure economi
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Meanwhile a little noticed phenomen
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After the summer of 1974, the Turki
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monitored Ledra Place check-point,
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the early eighties, when Turkish ar
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Figure 4.3 Number of tourists from
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the situation that had existed prio
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stay arrivais or diminish with the
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competing with the longer establish
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flexibility of family business stru
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Ltd., Turkish-Cypriots eventually g
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dominateci by: textiles, footwear a
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force of national cohésion, change
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Figure 4.9 Main Citrus Exporters in
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Ismail Bozkurt (who secured 32.1% o
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Table 4.9 Citrus exports from north
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Ultimately the failure to act on pr
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CHAFTER 5: Re-establishing economic
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prospects of their respective de fa
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Figure 5.1 Change in Cypriot GDP as
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{0 perceive the de facto situation
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Turkey maintains that her objective
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parliament during the unstable peri
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case study, he argues that given en
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Specifically, it is analysis of nat
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imports (Figure 5.5). The extent to
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(which includes the increasingly im
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If "a leading sector in the process
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Just to put minds at rest that manu
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encouraged private sector action, t
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Figure 5.13 Gross domestic fixed ca
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major economic force, one that was
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they account for around a third of
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dominates international transfer pa
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a "development resource" 54 , rathe
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able to spearhead a revival aided,
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Page 267 and 268: overwhelming dependence on a genera
Page 269 and 270: In the difficult times that followe
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Page 273 and 274: Figure 5.20 Orange production as a
Page 275 and 276: e exchanged for new "TRNC" (or, as
Page 277 and 278: Unlike the vineyards where most of
Page 279 and 280: Although not important in the initi
Page 281 and 282: Having said this, constant improvem
Page 283 and 284: compensation arrangements in the no
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Page 287 and 288: Figure 5.24 Proportion of citrus ex
Page 289 and 290: to treat exports from the whole of
Page 291 and 292: seem more politically motivateci an
Page 293 and 294: Figure 6.1 Percentage change in GNP
Page 295 and 296: initially. The more immediate probl
Page 297 and 298: historical phenomena (large externa
Page 299 and 300: It has been argued that if politics
Page 301 and 302: share of National Income to somethi
Page 303 and 304: Figure 6.6 Communal income in 1980,
Page 305 and 306: Selecting peers as proxies for pan-
Page 307 and 308: growth potential to Cyprus in 1960,
Page 309 and 310: was that compatible data should be
Page 311 and 312: Figure 6.9 Micro Economies; average
Page 313 and 314: Figure 6.11 Micro Economies; averag
Page 315: Figure 6.13 The level of government
Page 319 and 320: Figure 6.17 "More DevelopedMediterr
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Page 323 and 324: Figure 6.22 Structure of production
Page 325 and 326: Figure 6.26 Degree of openness in t
Page 327 and 328: economic growth 49 (variables 6-9:
Page 329 and 330: implication, developmental différe
Page 331 and 332: spectrum in 1980 at 38%. Perhaps le
Page 333 and 334: namely investment rates 54 (in phys
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Page 337 and 338: Figure 6.28 Average annual growth i
Page 339 and 340: Figure 6.29 How Cyprusfared in 1980
Page 341 and 342: Figure 6.30 Total Cypriot income 19
Page 343 and 344: o.zö; may reveai someimng 01 ine e
Page 345 and 346: developments elsewhere. The relativ
Page 347 and 348: unified economy) of 1963, Cyprus is
Page 349 and 350: CHAPTER 7. Conclusion 348 Comparati
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Page 353 and 354: So it is worth looking again at the
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Page 357 and 358: Figure 7.3 Gross domestic investmen
Page 359 and 360: Figure 7.5 "TRNC netforeign trade a
Page 361 and 362: Figure 7.8 The degree of openness i
Page 363 and 364: control. There seems to be ampie ex
Page 365 and 366: The role of tourism in the economic
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seem to be able to grow in line wit
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Comparisons throughout this thesis
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The Cyprus Mail Hellenic Group. Nic
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I.M.F. International Financial Stat
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1982. Fourth Emergency Economic Act
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"Turkish Federated State of Kibris"
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leadership of the two communities o
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"administrations" and key economic
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Bicak, H.A. (June) 1990. "The Impac
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Hudson, J. and Dyniotou-Jensen M. 1
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Mcdonald, R. 1989. The Problem of C
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Solsten, E. (ed.) 1993. Cvprus: A c
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