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.

EU Education Commissioner has stressed the need for Cyprus to put special emphasis on vocational training institutes.

A Memorandum of Understanding (MoU) for the Cyprus LNG terminal was signed in Nicosia on Wednesday between the Republic of Cyprus and Noble Energy, Delek Drilling and Avner Oil Exploration.

Cyprus has confirmed that the National Hydrocarbons Company (KRETYK) will be “the commercial arm of the government” and that it will have a “substantial role” to play in the future development of oil and gas discoveries and exports.

The eurozone does not intend to change the terms of Cyprus’ bailout as requested by President Nicos Anastasiades in a letter sent to eurozone leaders and its lenders, three senior eurozone officials said on Wednesday.

The cabinet yesterday approved a decision to shut down two more minor semi-government organisations (SGOs), the Licensing Authority, and Reviewing Licensing Authority, said deputy government spokesman Victoras Papadopoulos.

Bank of Cyprus (BoC) is looking to cut its staff by 2,500 and radically reduce its branches across the island, as it adjusts to the new reality imposed by the conditions of the island’s €10billion bailout deal.

Cyprus is focused on implementing a bailout agreement and there was never a question of renegotiation, the government said yesterday, after EU officials and paymaster Germany made it clear that it was unlikely for the deal to change.

President Nicos Anastasiades has announced tax breaks for companies to help revive the economy during an address at the 52nd annual meeting of the Institute of Certified Public Accountants ICPA.

The Eurozone crisis interrupted more than three decades of growth for Cyprus as an international business hub. The consequences of the crisis have been harsh for the country, with the two local banks bearing the brunt of a financial assistance package which will see one bank wound down and another recapitalised through depositors bail in.