Natural gas could help Cyprus' economic growth


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    A picture taken with an iPhone using Hipstamatic shows a Cypriot girl holding signs during a protest against an EU bailout deal outside the parliament in Nicosia on March 18, 2013. 

    - PATRICK BAZ/AFP/Getty Images

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    A Cypriot man holds a banner against the EU bailout deal and German Chancellor Angela Merkel's call for Cyprus to follow economic reforms outside the parliament building in Nicosia on March 18, 2013. Cyprus President Nicos Anastasiades was seeking the backing of MPs for the bailout deal that slaps a levy on bank savings under harsh terms that have jolted global markets and raised fears of a new eurozone debt crisis. 

    - Yiannis Kourtoglou/AFP/Getty Images

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    Cypriot protestors lie on the ground with signs during a demonstration against an EU bailout deal outside the parliament in the capital, Nicosia, on March 19, 2013. The speaker of the Cypriot parliament urged MPs to say 'no to blackmail' in a vote on a eurozone bailout aimed at saving the Mediterranean island from bankruptcy.

    - Yiannis Kourtoglou/AFP/Getty Images

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    A general view shows Cypriot members of parliament (MPs) attending a parliament session in the capital, Nicosia, during which they are to vote on a controversial bailout agreement with a troika of international lenders on March 19, 2013. The speaker of the Cypriot parliament urged MPs to say 'no to blackmail' in a vote on a eurozone bailout aimed at saving the Mediterranean island from bankruptcy.

    - Yiannis Kourtoglou/AFP/Getty Images

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    German Labour minister Ursula von der Leyen and German Finance Minister Wolfgang Schaeuble are pictured after the result of the a bailout package for debt-mired Cyprus was voted at the German parliament in Berlin on April 18, 2013. 

    - JOHN MACDOUGALL/AFP/Getty Images

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    People gather in front of Laiki (Popula) Bank as the country's banks re-open following 12 days of closure on March 28, 2013 in Nicosia, Cyprus. Bank trading began again after the government negotiated a EUR 10bn (GBP 8.4bn) bailout package. Captial controls are limiting withdrawals to EUR 300 perday and the Cyprus stock excahnge remains closed. 

    - Milos Bicanski/Getty Images

It's been one year since the second largest bank in Cyprus, Laiki Bank, was shut down leading to a $13 billion European Union bailout.  The country's financial services sector was a big part of the economy and its resulting overhaul lead many bank depositors to lose a chunk of their savings. The BBC's Lucy Burton joins Marketplace Morning Report host David Brancaccio to explain how the country is doing one year later -- and how it hopes to recover. 

From Marketplace.org, a look at previous coverage about Cyprus:

-Lessons from Cyprus: How to work without cash
-How the Cyprus crisis has some thinking of Bitcoin
-Where will money launderers go after Cyprus

About the author

David Brancaccio is the host of Marketplace Morning Report. Follow David on Twitter @DavidBrancaccio

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