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EU bailout request by end of June

As Cyprus scrambles to announce a new package of austerity measures, some pundits predict that a request for a bailout from the EFSF may be imminent saying this could happen by the end of June.

Fitch places three top banks on rating watch negative

International ratings agency Fitch has placed the Island’s top three commercial banks on rating watch negative meaning that they could be downgraded in the near future as they remain highly sensitive to events in Greece.

Luxury real estate market resists crisis

The Cyprus Residential Development Prime market report 2012 by international property consultancy firm Frank Knight says that demand for the very top-end of the real estate market has remained strong.

Will Cyprus follow Dubai initiative to protect investors

Cyprus is not the only property market suffering from a lack of overseas investment. Next month, Dubai plans to introduce legislation designed to protect investors enabling them to obtain a full refund.

Greece exit from Eurozone would hit Cyprus hard

Experts agree that Greece leaving the Eurozone would hit Cyprus hard; the Island will be plunged into a deeper recession, the entire population will have to make sacrifices and we will end up in an EU bailout.

Could Cyprus be the next domino to fall

In a programme first broadcast on the BBC News Channel earlier today, HARDtalk’s Stephen Sackur asks the former finance minister Michalis Sarris if Cyprus could be the next domino to fall in the Eurozone crisis.

Massive gas finds off Cyprus announced in New York

At a function held at the Cyprus US Chamber of Commerce in New York, Noble Energy’s CEO announced that the company has discovered much larger quantities of natural gas in the Eastern Mediterranean.

No respite as property slump continues in 2012

Property and rent prices have continued to drop in the first quarter of 2012, making it harder for the Cyprus market to exit the slump, a spokesman for RICS Cyprus said on Wednesday.

Alpha Bank Cyprus Ltd announces interest rate cut

An announcement by the Alpha Bank appeared in today’s press advising its clients of a reduction in the default interest rate from 7th May 2012 in acknowledgement of the recession.

Contract for marina at Ayia Napa signed

After years of discussions and countless hours of dialogue involving two governments and six ministers, a contract has been agreed and signed for the long-awaited marina project at Ayia Napa.

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