Former President George Vassiliou remembers that the constitutional wrangling between Greeks and Turks quickly led to rising tensions and eventually outright civil war.

George Vassiliou, president of the Republic of Cyprus from 28 Feb 1988 to 28 Feb 1993, Sep 2010

"Everybody was pleased that Cyprus was now an independent country," said Vassiliou. "But a significant percentage of the people did not believe that this was the end. Many people felt that in someway they were cheated."

Few were surprised that conflict between both communities started, which quickly spiraled into violence. By 1964, the United Nations sent a peacekeeping force that was 7,000-strong to the island.

The situation came to a head in 1974, when the military junta in Athens instigated a coup by Greek army officers in Cyprus, seeking to achieve union with Greece. President Makarios was overthrown and, just day's later, Turkey invaded, splitting the island in two.

The remnants of functioning government were presented with a multitude of problems, ranging from refugees to a collapsing economy. They were problems still being tackled a decade later when George Vassiliou became president.

"What happened after the invasion is that thousands of Cypriots went to the Middle East, and did all kinds of work there, and money they earned there they sent it to Cyprus and we developed Cyprus into an international center for offshore companies and that is what really gave Cyprus the extra boost," said Vassiliou.