What is a "Bitcoin currency" is the largest:) I have no idea what this even means and it's not explained.
Cyprus GDP is about 24 Billion. Say you'd need even 1% of that as actual currency, that's 214 Million in bitcoins that you'd need, and I think i'm really understating the amount you'd need.
The point about volume of currency is significant... though any break from the Euro will likely collapse that value significantly... any ideas for how to hack that?
A digital currency isn't going to meet their needs. Have you ever been to Cyprus? Except for transactions between multinational branches/subsidiaries located on the island, most of the economy runs on cold, hard cash. A lot of stores and restaurants don't have the capital to invest in the technology they'd need to use bitcoin for POS.
Moreover, a few hundred dollars is a very, very big number in Cyprus (and indeed, most of the world), and was definitely beyond the reach of almost all of the small businesses--let alone consumers--even before the recession. There simply isn't any financial justification for wasting a few hundred dollars on equipment you'll only use once or twice a year--if that.
Bitcoin--and most digital payment services--simply aren't relevant to Cyprus' economy and will not be the vehicles that get it out of the recession.
Cyprus is not a) eastern anything (including european) b) outside the european union c) a third world country
A few hundred dollars is not far off a few hundred Euros, the currency of Cyprus.