Commercial banks have restructured €12 billion of non-performing loans as of April 2014, or 27% of the amount borrowed in Cyprus totalling €44 billion, according to the bank association.

Bank deposits rose by €307.4 million in May 2014, while loans fell by €255.5 million, the Central Bank of Cyprus (CBC) said recently.

The International Monetary Fund's board has approved the immediate disbursement of €84 million, in fourth review of Cyprus' bailout program.

Cyprus often features at the top of the list of best countries to live, work or retire in thanks to its winning combination of work life balance.

With new incentives and various investment opportunities, the Cyprus citizenship programme has seen increased interest internationally.

There has been no haircut on Cyprus sovereign debt by the European Banking Authority (EBA), the Central Bank of Cyprus (CBC) said in a written statement recently.

The Bank of Cyprus (BoC) announced recently that it was examining certain funding and capital options in line with the proposals of its advisors, to strengthen its buffers against mounting non-performing loans, and in light of the upcoming stress tests by the European Central Bank.

In the wake of recent developments in Brussels warning Russia of new sanctions over Ukraine, President Nicos Anastasiades said Cyprus would follow the developments closely and defend its interests in the best possible way.

President Nicos Anastasiades says other European Union countries recognize the Mediterranean island nation's potential to become a new conduit for natural gas to the continent.

The government has welcomed the recent upgrade by the Dominion Bond Rating Service (DBRS) of Cyprus’ long-term foreign and local currency issuer ratings from CCC to B (low).