Euro zone leaders have agreed on how to resolve debt crises from 2013, but failed to reassure markets about what they will do in the short-term, sticking to what the IMF has called a piecemeal approach to the crisis. At a two-day summit, leaders agreed on a change to the EU treaty to create the

German Chancellor Angela Merkel said on Friday that Europe will do everything to secure the stability of the euro, which has come under pressure in the euro zone debt crisis. She added that reform and stability will remain on the euro zone's agenda next year as the bloc fights to secure the single currency and

The Cyprus Hotel Association (CHA) has expressed optimism over tourist prospects for 2011. Haris Loizides, President of CHA, appealed today to the government to revise its decision not to extend the measures on tourism which expire at the end of the year, as a ''basic precondition'' to keep tourism on an upward course in 2011.

Cyprus has introduced electronic filing (e-filing) for the registration of companies. Minister of Commerce, Industry and Tourism Antonis Paschalides presented Wednesday the new system of submitting documents for the registration of companies through the internet, the so-called electronic filing. The Minister said that through e-filing, citizens and companies will be able to view on the

The state budget for 2011 was adopted by majority by the plenary of the House of Representatives on Thursday, with proposed expenditure having been slashed by about 40 million EUR with various amendments. The budget that had been brought before the House provided for revenue, excluding loans, of about 5 billion and 977 million EUR

Moody's Investors Service put Greece's credit rating on review for a possible downgrade on Thursday, citing uncertainty over the country's ability to cut debt to sustainable levels. The decision was made even as the rating firm acknowledged Greece has made "significant" progress in implementing a large fiscal consolidation effort. A multi-notch downgrade could be possible

Greece's unemployment hit a 10-year high in the third quarter with economists expecting more pain as austerity policies to shore up public finances dampen economic activity. The jobless rate rose to 12.4% in the three months to September, from 11.8% in the second quarter, as gross domestic product (GDP) shrank at an annual pace of

Moody's Investors Service continues to hold a negative outlook on the Slovenian banking system for the third consecutive year, based on the persistent difficult operating conditions, ongoing asset-quality deterioration, and the banks' limited capital resources to absorb further loan losses. "Also underpinning our negative system outlook is the largest banks' significant reliance on international market

More and more Cypriots use the internet now than in the past, and it has become part of the daily life of the Cypriots, according to a Cyprus-wide survey on the use of internet carried out by the Department of Communications and Internet Studies of the Cyprus University of Technology (CUT). The survey is part