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NICOSIA ( Reuters ) - Bailed-out Bank of Cyprus is reviewing its restructuring plans in a move that could result in billions of euros of its troubled assets being put into a "bad bank", chief executive John Hourican said. Hourican took the top job at Cyprus' largest bank in October after it was rescued during an international bail-out of the island, which had run into financial problems partly because of the exposure to debt-laden Greece. At that time, a plan to put the bank's 22 billion euros ($30.32 billion) of good and bad loans into one legal entity was just being finalized. This plan also envisaged the bank remaining reliant on some emergency funding from the Central Bank of Cyprus until 2017. View/Submit Comments for this story But Hourican, former investment banking head at Royal Bank of Scotland , wants to look again at all the options. "We have appointed HSBC to help us look at our overall corporate finance agenda including the entire stru

Cyprus will want to be compensated for economic losses that will result from further sanctions imposed on Russia, the island’s President Nicos Anastasiades said in a statement issued following the March 20-12 EU Council that discussed the Ukraine situation. “The next phase of restrictive measures will admittedly include extensive consequences on the economic and other relations between the European Union - and its member states - and Russia. Our country is not only facing our national problem but is also under a financial assistance program. This factor cannot be ignored or overlooked. As other member states we cannot accept measures affecting Cyprus tourism, our banking system or our services sector,” Anastasiades said. “In such a case and if there is a need for such a development, which obviously will require a new decision at European Council level, Cyprus calls for, and considers as a precondition, that the competent bodies of the EU will conduct a relevant study, both for t

Following the economic crisis and with a new agreement on the table, there is unprecedented impetus for unifying Cyprus—but the two sides must overcome their violent history. As deep-seated tensions and divisions elsewhere in Europe reach breaking point, away from the headlines the small island of Cyprus has taken another faltering step towards a long overdue unification. This outpost of Europe, adrift in the turbulent seas of the Middle East, has been split for the last 40 years between a Greek south and Turkish north. In the last few weeks, however, progress towards unification has been made. After months of painstaking negotiation, a joint agreement has been signed between the two leaders, Nicos Anastasiades and Dervis Eroglu, paving the way for UN-backed unification talks—suspended for the past 18 months—to restart. Since then, negotiators from both sides have paid a visit to each other’s powerful backers, Athens and Ankara, a move unprecedented in its positivity. But at the

Marcos Baghdatis (143-CYP) didn't quite take back the ship's helm in the second set last night at the Sony Open, but he did let Santiago Giraldo (65-COL) know he wasn't captain anymore. It looked like heavy seas and strong winds for Baghdatis during the first leg (set) of this voyage and then he decided to right his ship and come back from 2-5 to win the second set. Giraldo was hitting some well-paced nearly flat ground strokes that Baghdatis could have mostly covered in the first set, but he seemed to be a little flat on his feet and not quite engaged. I thought he was hanging out a little too much in his deuce court or at least leaning toward it. One is not any better (or worse) than the other if that where one's mind and physical energy are focused - it's a disadvantage. I imagine he was expecting some cross-court backhand rallies, but Giraldo would abruptly halt such nonsense with a crisp backhand winner down the line. I was pulling for Baghdatis, not

Cypriot immigration authorities routinely detain hundreds of migrants and asylum-seekers in prison-like conditions for extended periods while awaiting deportation, said Amnesty International. Those detained include Syrian refugees and women separated from their young children. Evidence gathered by researchers during a recent visit to Cyprus indicates that the authorities are exploiting European Union (EU) laws – imposing automatic detention of migrants and asylum-seekers without implementing the required safeguards, which make detention a last resort. The practice is also a breach of international law. “By detaining scores of people for months at a time, Cyprus is displaying a chilling lack of compassion and a complete disregard for its international obligations,” said Sherif Elsayed-Ali, Head of Refugee and Migrants’ Rights at Amnesty International. Hundreds of migrants and asylum-seekers are held in prison-like conditions in Cyprus while awaiting deportation. © Amnesty Inter

Cyprus is by many characterized as a paradise on earth. Some people claim that this is the island of Love, while some others refer to Cyprus as the island of Beauty. Below are listed some of the key reasons why Cyprus can act as an absolute temptation for both locals and foreigners. 1. Because Love has its origins in Cyprus Cyprus, is the original birthplace of the goddess of Love, the beautiful Aphrodite. The goddess is thought to have stepped ashore on the island by making it her mother country. Birth place of Aphrodite

planespotters.net CY sells Heathrow slot to Middle East Airlines Cyprus Airways has agreed to sell its night slot at London’s Heathrow airport for €6.3 million to Middle East Airlines, it was announced on Thursday. In a statement issued to the stock market, the company said the deal is part of the restructuring plan submitted to the European Commission, which calls for the consolidation of the troubled airline with a view to becoming commercially viable. As a result, the statement continues, as of March 25, 2014, Cyprus Airways will operate one flight to and from Heathrow, departing Larnaca at 10 am and landing in London at 1.05 pm – local time – with the return flight leaving London at 2.25 pm and arriving to Larnaca at 9.00 pm. dailymail.co.uk

NICOSIA: Cypriot central bank governor Panicos Demetriades, whose testy relations with island’s government dogged a tumultuous tenure when Cyprus teetered on the brink of bankruptcy, resigned Monday. Demetriades’ resignation was accepted by President Nicos Anastasiades, an official statement from the Cypriot presidency said. Demetriades will work out his notice until April 10. Anastasiades had said in September 2013 he might ask the Supreme Court to rule on whether Demetriades, an appointee of Cyprus’ former communist administration, could be sacked. Tensions between the two men have simmered for months, bursting into open animosity when the right-wing Anastasiades was elected Cypriot president a year ago. There was no immediate official word on why Demetriades resigned. Two sources with knowledge of the matter said Demetriades submitted his letter of resignation to Cypriot Finance Minister Haris Georgiades, who was in Brussels for a Eurogroup meeting. Cyprus’ Centra

BEIRUT: Lebanese banks have asked the Cypriot central bank to remove all restrictions on residents seeking to open accounts at the country’s banks operating on the island. “Lebanese banks urged the Cypriot central bank to lift restrictions on residents, whether they are individuals or companies, on opening accounts at the branches of Lebanese banks in Cyprus, even for those seeking permanent residence or Cypriot nationality,” the Association of Banks in Lebanon said. The statement was featured in an article that was published in ABL’s monthly magazine. It added that the Cypriot central bank had promised to study the request made by the Lebanese banks as soon as possible. Lebanese Central Bank Governor Riad Salameh headed a large Lebanese bank delegation to Cyprus last month to examine ways to offer letters of credit to Cypriot merchants and traders who want to export goods to the European Union. Salameh is in Washington for an annual meeting of World Bank and IMF officia

photos.al.com ANSAmed  - NICOSIA, MARCH Cyprus: Russian military hold exercises in Mediterranean - The Admiral Kuznetsov docked at Limassol port for re-supply Russian fighter jets and helicopters have started training flights over the Mediterranean Sea, Famagusta Gazette online reports today quoting a Russian navy spokesman as saying. Admiral Kuznetsov aircraft carrier is involved in the exercises, and the training included tactics for engaging aerial targets and other battle techniques. The Admiral Kuznetsov docked at Limassol port for re-supply at the end of February. The vessel is Russia's only operational aircraft carrier and currently stationed in the Eastern Mediterranean. www.lgcnews.com

network54.com ( ANSAmed ) - NICOSIA, MARCH North Cyprus: Turkish pipeline to pump water from July - It will carry 75 mln cubic meters of drinking water annually. An 80km under-sea pipeline, 120 metres beneath the Mediterranean, will start pumping water from Turkey to occupied northern Cyprus in July as Famagusta Gazette online reports. The pipeline will supply 75 million cubic meters of water annually from Turkey. The water coming from Turkey will be stored in a dam near Keryneia. The laying of the foundation stone of the Alakopru Dam, which was the first leg of the project, took place in 2009. "Its primary aim is to provide quality water to the Turkish Cypriot people and to secure that this is sold in reasonable prices", Turkish ambassador Halil Ibrahim Akca said yesterday. He added that the plan is for this water to be filtered after its use in order to be used again in agricultural production, but some problems exist on this issue. lgcnews.com

cyprus-mail.com ( ANSAmed ) - NICOSIA, MARCH - Crisis: IMF will decide on March 28th on next Cyprus' tranche... The International Monetary Fund (Imf) board will gather on March 28 to decide on the disbursement of the next tranche of its contribution in Cyprus' bailout, as Cna reports. Replying to a question IMF spokesman Gerry Rice said that that the Imf mission, together with its partners in the EU and the European Central Bank completed on February 11 their talks with the Cypriot government in the context of the third review of Cyprus' programme. The Imf's board, he continued, has scheduled to discuss the third review on March 28, adding that as usual the mission's report will then be published. Replying to a question over the resignation of Cyprus Central Bank Governor Panicos Demetriades and the appointment of Chrystalla Georghadji, Rice said that the Imf looks forward in engaging with the new governor in the context of talks with Cypriot authorities

The Cyprus problem ... A glimmer of hope Yet another round of talks to reunify the divided island begins AFTER years of foot-dragging by Greek-Cypriot leaders, who have been keener to block Turkey’s efforts to join the European Union than to end the island’s 40-year division, new talks on reunifying Cyprus are to start. Unlike his predecessors, President Nicos Anastasiades wants a deal with Dervis Eroglu, his Turkish-Cypriot counterpart. According to a “road-map” put forward by the two men when they met on the UN’s “green line” on February 11th, the two communities would unite under a confederation but run their affairs as “constituent states”. So far, so good. But can tricky issues like property and security, which have sunk previous talks, be resolved this time? It helps that the Americans are involved; they have prodded officials in Ankara and Nicosia to back the new proposal. The talks will be held as usual under UN sponsorship. For the first time the two leaders insist tha

(CNN) -- They call it "Stinky Thursday." In Greek, "Tsiknopempti." Ελληνικά "Τσικνοπέμπτη." It's a lot more appetizing than it sounds. Tsikna describes the mouthwatering aroma of lamb and pork, seasoned with rosemary, as it's grilled or slowly spit-roasted. Every February this smell fills the air in Limassol, Cyprus. It's a signal that Limassol Carnival, the liveliest, most colorful event of the year on the island, is around the corner. Limassol's big festival -- running this year from February 20 to March 2 -- has to be spectacular to stand out. Cyprus's calendar is crammed with festivals celebrating everything from wine and food to drama and dance. Limassol Carnival satire: this year's carnival "king" is surrounded by euro signs, symbolizing Europe's economic crisis

Less than 24 hours since the United States Soccer Federation announced that its March 5 friendly against Ukraine had been moved from Kharkiv to Larnaca, Cyprus because of the tenuous security situation in Ukraine, the game is again in doubt. Early Friday morning, a car bomb affixed to the car of Leontios Trattos, the head of Cyprus' referees'€™ association, had been detonated, according to the Associated Press. Nobody was injured, but the Cypriot federation has decided to postpone all first division games this weekend. The friendly with Ukraine is slated for Wednesday and falls on the final international FIFA match date, meaning it is the last chance for US head coach Jurgen Klinsmann to call up his full squad. On Thursday, he announced a side made up mostly of European-based players, opting to get a last look at his domestically-based players in an April 2 game against Mexico in Phoenix, Ariz. The Americans open their World Cup camp in mid-May.

ΚΕΡΥΝΕΙΑ - KIRNI, Cyprus—Mehmet Eligon points to a yellow patch of grass on his sprawling farm to show how this year’s meager rains are drying up feed for his goats, sheep and Holstein cows. “Because of the drought this year, there’s no water in our wells and the crops are drying,” says the 49 year-old Turkish Cypriot wearing military-style fatigues — popular attire for farmers on both sides of Cyprus, split between ethnic Greek and Turkish camps. He and his two brothers who have worked since childhood on the 2,000-acre (800-hectare) farm have one source of hope: a new water pipeline that will soon link Turkey with Cyprus’ Turkish side and potentially eliminate chronic water shortages for generations. In this Wednesday, Feb. 5, 2014, a pile of iron pipeline segments rests next to a road as in the background seen on a mountain the painted Turkish Cypriot breakaway flag and Turkish in the northern Turkish Cypriot part of Cyprus’ divided capital Nicosia. The pipeline is part of

Ιερός Ναός Αγίου Χαραλάμπους (Κοντέας) churchofcyprus.org.cy KONTEA, Cyprus — ΚΟΝΤΕΑ ΚΥΠΡΟΣ In the days before this island was cleft between Greek and Turkish control, the church of St. Charalambos in this tiny village was a gathering place for all. But after decades of division, and fruitless talks between political leaders, local people grew tired of watching its paint peel and its altar decay. They took matters into their own hands. Like the church, relations between the two communities had crumbled after the island was partitioned after the Turkish military invasion of 1974. But this month, Turkish artisans’ drills buzzed. Greek woodworkers carved flourishes into the altar. After two years of work, craftsmen from both communities hurriedly polished the church in time for a grand rechristening that united nearly 500 Greek and Turkish Cypriots in a celebration under its lofty vaults — the first time the church had been used in 40 years. A mosque stands near the

Officials say there may be as much as 60 trillion cubic feet of natural gas in Cypriot waters, enough to turn the 1.1m islanders into the "Norwegians" of the Mediterranean. Cyprus has vowed to press ahead with the exploration and drilling of its vast gas reserves despite threats from Turkey to block extraction by military force if there is no prior deal to reunify the divided island. "The whole world, including the United States, recognises the right of Cyprus to exploit the right of its own exclusive economic resources," said Ioannis Kasoulides, the Cypriot foreign minister. Gymnasium with its columned Palaestra, Ancient city of Salamis, courtyard, Salamis ruins, Salamis, Cyprus Cyprus has carried out a diplomatic pivot, tightening its relations with Israel and abruptly ending its historic neutrality to apply for NATO's Partnership for Peace status Photo: Alamy

Recovery looks feasible for the island whose economy crashed less than a year ago What a difference a year makes: protests in Nicosia in March 2013 against a  tax on bank deposits to boost Cyprus’s EU rescue loan What a difference a year makes: protests in Nicosia last March over a tax on deposits to boost Cyprus’s EU rescue loan Photo: Bloomberg Cyprus has pulled off a minor miracle. Less than a year after crashing into the arms of the Troika (the EC, International Monetary Fund and the European Central Bank), the outlines of recovery are near. There have been no riots. The tight-knit society of 840,000 has held together, helped by sacrifice at the top. Ministers took a 45pc pay cut, the lowest-paid public workers just 6.5pc. Those on under €1,000 (£825) a month were spared. The country elected a no-nonsense government that is abiding strictly to the terms of the EU-IMF memorandum. Cypriots speak Greek, but the political climate is a far cry from the tumult of Athens where

A few months ago, this blog noted a push by Cypriot leaders to present the immense gas potential of the Eastern Mediterranean as a diplomatic catalyst in a fragmented region. After decades of tension and division at home, Cyprus reasoned that billions in energy revenue and the potential for energy independence would be enough to revive and stabilize reunification talks between the island’s two parts after nearly 40 years of division. Further, they saw the trillions of cubic feet of natural gas in nearby waters as a way to ease tensions throughout the region. Now, with reunification talks back on the table with U.S. support, Cyprus’ positive diplomatic outlook is gaining steam. This week, Cypriot President Nicos Anastasiades told the Associated Press that reuniting the Mediterranean island was the surest way to ensure energy cooperation throughout the region, allowing Turkey easier access to plentiful gas reserves and even put them on track towards closer relations with Israel. “A