Hydrocarbon reserves could be used to develop Cyprus' foreign policy and do for the Eastern Mediterranean what coal and steel did for Europe after WWII, says the Foreign Minister.

A second estimate for the third quarter of 2013 published recently by Eurostat confirmed that growth rates in Cyprus have declined.

Cyprus is out of 'the danger zone' says Finance Minister Harris Georgiades, adding that the recovery is due to Cyprus' willingness to commit and enact reforms quickly.


The island’s Cooperative credit societies are set to operate as a unified banking group, following a bailout programme and set of reforms that are restructuring the community based savings banks into a commercial entity.

Cyprus ranks 31st in the Transparency International corruption perception index, dropping two spots from 2011, when it ranked 29th, according to recently published annual index results.

Cyprus and Palestine have signed a Memorandum of Understanding to explore opportunities for cooperation in energy matters, particularly with regard to electricity and renewable energy.

Cyprus and India are a step closer to agreeing on a new double taxation agreement (DTA) after a Cypriot delegation visited New Delhi last week, said the Finance Ministry.

The European Commission has launched an information campaign on consumer credit in Cyprus, to raise awareness amongst young adults of their rights before they sign a credit agreement.

At a time of economic uncertainty for Cyprus, VitaTrace Nutrition Ltd, has successfully been awarded the chance to implement a European research program on animal health issues, which aims to bring liquidity into the country as well as employment opportunities.

Cyprus is ready to fully conform “in record time” with all international transparency requirements to avoid losing double taxation agreements that countries like India and Russia have already brought into doubt.