The European Commission (EC) and the International Monetary Fund (IMF) in a joint statement issued on Thursday welcomed the announcement made by the Cypriot authorities to launch a voluntary debt exchange of Cypriot sovereign bonds.

Deposits in the Cypriot banking system in May registered a monthly drop of 2.51% to €55.92 billion compared with €57.37billion in April.

The Italian-Korean joint venture ENI/Kogas, operator of the natural gas exploration license for three blocks within the Cyprus offshore gasfields, have shown interest to invest in a supply train at the Vasiliko liquefaction plant.

Cyprus will be able to absorb €120 million from the 2014-2020 EU agricultural development programme, Agriculture, Natural Resources and Environment Minister Giorgos Kouyialis said, adding that during the first three years of the Memorandum of Understanding with the Troika, Cyprus will be able with hard work to absorb all the funds allocated to the Republic.

The Economic Sentiment Indicator (ESI) in Cyprus registered an improvement for the second consecutive month in June, after a record low in April, due to the developments in the financial sector, the University of Cyprus` Economic Research Centre (ERC) said.

Central Bank governor Panicos Demetriades has said that Laiki Bank, once the island’s second largest lender, was deliberately kept afloat by the European Central Bank in order to ‘protect’ foreign investors.

The European Stability Mechanism (ESM) on Wednesday gave Cyprus €1.0 billion, completing the first tranche of the island’s financial assistance programme.

Residential property prices (houses and apartments) continued the downward path in the first quarter of 2013, recording a decline for 13 consecutive quarters.

A Financial Commissioner has been appointed and will assume his duties on July 1 to deal with complaints against financial institutions.

President Anastasiades, who has criticised the bailout as being ill-conceived, said he would use an EU leaders’ meeting this week to voice his concerns.