Minister of Foreign Affairs Marcos Kyprianou stated that he intends to ask the President of the Republic Demetris Christofias to remove him from office, in relation to the deadly events at the naval base in Mari, in south eastern Cyprus. Speaking after a session of the House of Representatives Defence Committee, which discussed the incident,

The world economy should expand steadily this year and next thanks mainly to prospering emerging powers, a Reuters poll showed, but fiscal troubles lurking in Europe and potentially the United States risk blowing this view apart. The quarterly survey of more than 350 economists from all over the world showed a dimmer outlook for most

Banks with substantial peripheral euro zone bond holdings, and those that only scraped through the European Union's stress test of 90 lenders, started feeling the heat on Monday from investors anxious they should beef up their capital buffers. The European Banking Authority (EBA) said late on Friday eight banks failed the test with a total

Brent crude dropped below $117 a barrel on Monday on growing fears of a possible sovereign debt default on either side of the Atlantic and as another potential emergency stock release from the International Energy Agency (IEA) weighed on prices. Brent crude futures fell 97 cents to $116.29 a barrel at 0815 GMT, after touching

German Chancellor Angela Merkel called on Sunday for private investors to make a major contribution to bailing out Greece, as pressure rose for radical action to cut the country's debt burden. Officials proposed a range of schemes for Europe's bailout fund, the European Financial Stability Facility, to finance a buy-back or a swap in which

One-third of Greek Cypriots believe Cypriot President Demetris Christofias should resign, blaming him for a deadly munitions blast which plunged Cyprus into an energy crisis last week. A poll by the leading Phileleftheros daily said 39 percent of respondents blamed Christofias for the disaster personally, with 33 percent believing he should step down. The July

National Council is holding today a meeting at 10.00 (7.00 GMT), following the tragic incident at “Evaggelos Florakis” Naval Base, on July 11th, that caused the death of 13 people and the destruction of the country’s largest power station at Vassilikon. The Council will be chaired by the President of the Republic, Demetris Christofias. The

Greek Minister of Defence Panayiotis Beglitis arrives in Cyprus on Monday for a three-day official visit, at the invitation of his Cypriot counterpart Demetris Eliades. On Monday, Beglitis, accompanied by Eliades, will visit the Evangelos Florakis Naval Base, where munitions confiscated in 2009 exploded, killing 13 people. They will also lay wreaths at the graves

Ratings agency Moody's on Monday suggested the United States should eliminate its statutory limit on government debt to reduce uncertainty among bond holders. The United States is one of the few countries where Congress sets a ceiling on government debt, which creates "periodic uncertainty" over the government's ability to meet its obligations, Moody's said in