Cyprus has no intention of leaving the European single currency, the island's president said on Friday, assuring Cypriots the situation was "contained" in the wake of a tough bailout deal with the European Union. Conservative leader Nicos Anastasiades spoke a day after banks reopened their doors following an almost two-week shutdown to prevent a run

The overwhelming majority of foreign businesses operating in Cyprus wish to stay, Minister of Foreign Affairs Ioannis Kasoulides has said. Speaking at an international press briefing, at the ministry of foreign affairs, on Thursday and replying to a question Kasoulides said that Cypriot businessmen who have contacted their colleagues not only from Russia but from

Fitch ratings agency downgraded on Thursday Bank of Cyprus (BOC) and Cyprus Popular Bank`s (CPB) mortgage covered bonds `B` from `B+` citing uncertainty surrounding the recapitalisation terms of BOC and the transfer of CPB`s cover assets and liabilities to BOC. Fitch maintained the bank`s covered bonds on Rating Watch negative "as a result of the

Cyprus authorities and the Troika (EC,ECB and IMF) reached an agreement on Thursday as regards the issue of the annulment of Bank of Cyprus shares, following the recent decision of the Eurogroup. A haircut of around 40% on deposits over 100.000 euro at Cyprus’ largest bank, Bank of Cyprus will be imposed, according to the

Government issues far-reaching mandate for banking sector’s investigating committee Nicosia Mar 28 (CNA) – The government issued a far-reaching and wide-ranging mandate for a three-member committee to probe into possible civil, criminal or political liabilities concerning developments in Cyprus’ banking sector. Giorgos Pikis, former President of Cyprus Supreme Court and Panagiois Kallis and Yiannakis Constantinides

– Trade slows, imports cease  – Capital controls to stifle commerce  – Cyprus saved for now, but at what cost?    Christakis Petsas counts the cost of the turmoil in Cyprus in terms of cars – 40 of them, stuck at the port in the coastal town of Limassol and costing him 800 euros a day

Cyprus conceded on Thursday that tight capital controls would remain in force longer than expected as the island's banks reopened for the first time after the government was forced to accept a tough EU rescue package to avoid bankruptcy. Cypriots queued calmly to withdraw limited amounts of cash, but there was no sign of a