Cooperative banks are looking to issue special shares in a bid to raise some one billion euros that may be needed to recapitalise in the coming years.

President Nicos Anastasiades has described his three-day working visit to Israel as the “start of a new era in bilateral relations,” saying he is “absolutely satisfied” with the talks he had on Sunday with Prime Minister Benjamin Netanyahu.

Russia has agreed to extended the maturity and reduce the interest on its loan to Cyprus, a document prepared by international lenders showed, providing additional but expected financial relief to the island on top of an EU-IMF bailout.

The protection of offshore gas facilities within the exploration areas between Cyprus and Israel is a top priority between the two countries, with their ministers of defence agreeing this week to raise their military cooperation to new levels.

The European Union, led by Germany, has made Cyprus pay dearly for its alleged money laundering transgressions but one leading anti-money laundering expert questions how the EU will ever repay Cyprus if those charges are proved wrong.

President Nicos Anastasiades has invited the shipping sector to play a leading role in the recovery of the economy.

The European Commission has adopted a reprogramming plan that will help promote growth in Cyprus and strengthen the impact of EU regional funds.

Cyprus government to submit a provisional Immovable Property Tax legislation (IPT) in a bid to meet immediate bailout conditions.

A tenth decree issued by the Central Bank of Cyprus has further eased capital controls for transactions both within and outside the island.

Cyprus is on track to get €3 billion by the end of June after the Board of Governors of the European Stability Mechanism (ESM) decided to show 'solidarity' and grant financial assistance to the troubled island.