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.

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.