Chris Gardner, FMF&E Wealth Management, East Syracuse, N.Y.
No news is good news when it comes to the news coming out of Europe. Next up on the list of struggling European countries is Cyprus.
“Cyprus Crisis Pulls Down U.S. Stocks” (ABC News, March 18)
“Cyprus Crisis Looks Gloomy” (BBC News, March 23)
With all of the hullaballoo over Cyprus, I checked out Google maps to find out exactly where the island country is located. I thought it was near Greece (perhaps by association). But Cyprus is actually closer to Syria.
Geography aside, the headlines made me wonder. Just how big is Cyprus? How does it compare with other world economies?
According to the International Monetary Fund, Cyprus had a total economic output of $24.71 billion in 2011.
Billions of dollars sound big, but how does that compare with any of the 50 states? Cyprus would be the 51st-largest state as measured by economic output, trailing bucolic Vermont with $25.91 billion in gross domestic product.
To add a little more perspective, Cyprus would be the 88th-largest metropolitan area in the United States, trailing cities such as Toledo, Ohio; and Syracuse, N.Y. Cyprus would be just ahead of Jackson, Miss., which has $24.67 billion in economic output.
None of these numbers mean that Cyprus won’t be the first leg of another major European crisis. But I think a different point of view can be helpful, especially when we consider that bad news tends to sell.
So, stay focused on the long term. Keep following your individually tailored investment plan. Go for a walk on a spring day. I’ll be brushing up on my geography in the event I need to locate another tiny island nation.
Sources: International Monetary Fund; Bureau of Economic Analysis
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