The European Central Bank yesterday gave troubled lender Bank of Cyprus (BoC) the green light to resume drawing liquidity from the Eurosystem posting sovereign bonds as collateral.

President of the European Parliament (EP), Martin Schulz, has described the financial aid program adopted for Cyprus as painful, noting that justifiably it does not enjoy the full support of the entire European Union (EU), its Member - States and Cyprus itself.

Cyprus' programme is on track, according to the overall assessment of staff teams from the European Commission (EC), the European Central Bank (ECB), and the International Monetary Fund (IMF), which visited Nicosia during from July 17 to 31 for the first quarterly review of Cyprus’s economic programme, which is supported by financial assistance from the European Stability Mechanism (ESM) and the IMF.

Cypriot Minister of Finance Harris Georgiades said on Wednesday he expects "no surprises" in the next Eurorgoup meeting the coming September, when the Euro area Finance Ministers will disburse the second tranche of the Cypriot financial assistance programme.

The Central Bank of Cyprus announces that significant progress has been made with the Financial Sector Reform Programme at the conclusion of the three week mission of the international lenders the Troika (EC, ECB, IMF).

Struggling national carrier Cyprus Airways (CY) will start turning a profit by 2015 if the latest restructuring plan prepared for the airline is given the thumbs up in Brussels.

Bank of Cyprus has officially exited from administration status, ending a period of uncertainty.

The government has excluded National Hydrocarbons Company KRETYK from any negotiations regarding Cyprus’ natural gas in its attempts to dissolve the company according to former commerce Minister Neoclis Sylikiotis.

The economy has absorbed the shock of the Eurogroup decision and is now on a path of improvement, said Nobel prize winner Christopher Pissarides yesterday.

The Central Bank of Cyprus (CBC) has agreed a 47.5% haircut with international lenders on deposits exceeding €100,000 in the Bank of Cyprus in an attempt to recapitalise it.