Defence Minister Christoforos Fokaides notes that the geopolitical instability in the region as a whole in combination with Cyprus' energy prospects upgrade its role and make it a strategic partner for the US.

The situation in Iraq, the Cyprus solution, the economic crisis and bilateral issues were on the agenda of a meeting President Nicos Anastasiades had recently with British Defence Secretary Michael Fallon.

Energy Minister Yiorgos Lakkotrypis is set for talks with Egyptian counterparts in Cairo in what he says is the first of a three-month series of visits to different countries to discuss the island's LNG prospects.

The Finance Ministry is trying to prepare legislation to complement a controversial bill on foreclosures in a bid to succeed in getting it approved by parliament where it is opposed by the majority of parties.

The dependence of Bank of Cyprus on the Emergency Liquidity Assistance (ELA) recorded a further decrease to €8.68 bln in July from €8.78 bln the previous month, according to the Central Bank of Cyprus.

Cyprus ranks among the three countries in Europe that saw the percentage of self-employed people rise by at least 10% in the period between the first quarters of 2013 and 2014.

The island's tourism and trade sectors grew in the second quarter of 2014, easing Cyprus' economic recession.

The fiscal deficit was reduced by €198m in Q2 2014 compared with the same period in 2013, mainly as a result of a significant decrease of expenditure on civil servants compensation and a decrease in social benefits.

f the bill on the foreclosures on mortgaged properties is not approved, the value of mortgaged loans of systemic banks of Cyprus will be zero during the stress tests, says Central Bank of Cyprus (CBC) Governor Chrystalla Georghadji.

Credit card expenditure for July showed a 6% increase in the use of local plastic for purchases in Cyprus, as well as a 3% drop in the use of local cards abroad compared to the same month last year, data by clearing agency JCC showed.