The authorities of the breakaway Turkish part of Northern Cyprus announced they would reopen the resort for tourists on Thursday, despite United Nations Security Council Resolutions 550 and 789, which condemn all resettlement attempts in the area. “The decision by Turkey and the occupation regime to extend part of the fenced-in city for use … is an illegal and clear violation of international... 

Cyprus will offer citizenship to foreigners who lost at least €3 million in state banks under the bailout deal, the country’s president has announced. The new measure, to a great extent affecting Russians, is expected to be approved on Monday. In remarks to Russian businessmen and media in the city of Limassol, President Nicos Anastasiades stated that his cabinet is seeking to approve the relaxation... 

Cypriot President Nicos Anastasiades Cypriot President Nicos Anastasiades says no one, not even members of his own family, will be immune to investigations of alleged financial wrongdoing in the run-up to an international bailout deal. Anastasiades made the remarks on Monday evening in reaction to reports accusing his relatives of transferring millions of euros out of the island state to London. A... 

Large depositors stand to lose up to 60 percent of their savings as Cyprus enforces the controversial conditions of a €10-billion bank bailout from the eurozone and the International Monetary Fund. Officials said that deposits over €100,000 ($128,225) at the country’s largest bank will lose 37.5 percent of their value after being converted into bank shares. The losses could increase by another... 

Cypriots queue for banks, which reopened after 12 days Thursday, as President Nicos Anastasiades cuts own wages by 25%. The Cypriot foreign minister promises banking restrictions will be lifted in “about a month”. A European Central Bank (ECB) spokesman confirmed that 5 billion euros were flown into Cyprus from Germany late Wednesday in time for the reopening of the banks on Thursday, The ECB... 

The central bank in Cyprus has imposed an ATM withdrawal limit of 100 euros per day for the island’s two biggest banks, in order to prevent a run on lenders. A spokesman for the country’s second largest lender, Cyprus Popular Bank, told Reuters that the new measure began at 1pm local time (11am GMT) and would remain in place until the bank reopens, or until confirmation of continued emergency... 

Cypriot MPs vote on a controversial bailout package during a parliament session in Nicosia on March 19, 2013. The Cypriot parliament has voted against a revised bank deposit levy. The tax was meant to shave 9.9% off any deposits over €100,000 and has since caused uproar in the country. Thirty six deputies voted against the proposal to tax bank deposits in the 56-member chamber, while 19 abstained.... 

Cyprus will collect 3.5 billion euros from Russian citizens, taking into account the total amount of deposits. The country is in the process of discussing one-time write-off of 9.9 percent of all deposits exceeding 100,000 euros. Smaller deposits may expect a smaller collection of 6.75 percent. The outflow of Russian money from Cyprus is obvious, but the question is – where will it go? All Cypriot...