The Cabinet has approved a bill now headed to parliament that will safeguard the rights of borrowers, but also allow banks to sell their portfolios of distressed loans of up to €1 mln to high-risk investors.

Cyprus is still without a doubt a preferred destination for many tourists, where more Russians and Germans are still looking into booking a summer holiday according to Trivago.

Cyprus' economic adjustment programme continues to perform and progress has been made, according to senior European Commission sources.

Cyprus can become a leading medical centre in the region providing first class care to locals and visitors, President Nicos Anastasiades said as he inaugurated the first Robotic Surgery Department at the private Mediterranean Hospital in Limassol.

Cyprus’ international lenders said the government needed to step up the pace of reforms, following completion of their recent review.

Cyprus will in September 2015 proceed with a competitive, non-discriminatory and transparent two-stage procedure to select the single licensee for the Integrated Casino Resort, the government announced recently.

European Commission sources say that the economic adjustment programme for the island is making progress.

New figures from Eurostat show Cyprus' general government gross debt came to 106.8% of GDP in the first quarter of 2015.

Lawyer Giorgos Pamboridis has been appointed health minister, replacing Philippos Patsalis who resigned earlier this month, the Presidential Palace said recently.

Bank of Cyprus (BoC) said recently that customers facing the prospect of losing their Barclays accounts are advised they may be eligible for the Bank of Cyprus UK International range of accounts, which include current and savings accounts.