As Cyprus is facing uncertainty over its economy, tourism arrivals from Russia and the UK for now appear positive and optimistic, with tourist agents maintaining their reservations and continuing their planning for the new tourist season in the hotelier industry. Chairman of the Cyprus Tourism Organisation Board, Alecos Orountiotis told CNA from Moscow where he

Standard & Poor’s Ratings Services today lowered its long-term sovereign credit rating on the Republic of Cyprus to `CCC` from `CCC+` with a negative outlook.” In a statement, it said that “as consequence, we believe that risks of a sovereign default are rising. We estimate the government’s remaining 2013 gross borrowing requirement at 18% of

House of Representatives convenes on Friday to discuss and vote on a total of nine bills prepared by the Government to armor the banking system and prevent a mass outflow of deposits. The House delayed its extraordinary Plenary session for today at 10.00 local time (08.00 GMT), asking for more time to study the lengthy

The Cyprus Popular Bank (Laiki), the island’s second biggest lender that faces being wound down if rescue funds are not secured by Monday, has limited cash withdrawals from ATM machines to just 260 euros per day, following a rush by customers after media rumours said the bank was closing down. A central bank spokesperson denied

– Cyprus levy would pose threat to euro zone financial stability – Analysts criticise regulatory implications  – 20 of 22 analysts say levy plan risks A proposed levy on deposits in Cyprus would pose a threat to the financial stability of other vulnerable euro zone countries, according to a near-unanimous sample of analysts polled by

Bank of Cyprus appealed to the island's political leadership on Thursday to broker an immediate deal for funding with the EU to stave off financial ruin. "It is imperative to move immediately towards brokering a deal with the Eurogroup which would ensure unobstructed liquidity to Cypriot banks to save the Cypriot economy," the island's largest

– Finance minister discussing banking, energy cooperation with Russia – President, party leaders on "Plan B"  – ECB says to cut off bank funds without bailout deal by Monday  – Russia says EU behaving like "bull in a china shop" – Eurogroup chairman says Russia won't lend Cyprus more The European Central Bank gave Cyprus until