A special team will try to claw back millions in tax not paid to the government by big debtors, says Finance Minister Georgiades.

Over 50 disgruntled depositors and shareholders of Cypriot banks are suing the EU and its institutions over losses they suffered when their deposits were seized to recapitalise lenders.

Parliamentary spokesman of former ruling party AKEL, Nicos Katsourides, officially steps down, as the party announces a change in the higher echelons.

The International Monetary Fund (IMF) approves the third tranche of Cyprus’ €10 billion assistance programme during a board meeting which lasted less than an hour.

The IMF Chief has praised the government for its implementation of the adjustment programme, saying that full implementation and broad public support, is crucial to restore confidence and growth in the Cyprus economy.

Marios Clerides, a well respected banker and economist and former chairman of the Cyprus Securities and Exchange Commission has been appointed the new chief executive officer of the recently nationalised Cooperative Central Bank.

Bank of Cyprus recently announced a scheme that offers its unemployed customers the option to pay only a nominal €10 per month instead of paying their regular home installments for a year.

Over the course of the next seven years (2014 to 2020), Cyprus may raise some €80m from the auctioning off of carbon credits, says the minister of agriculture and the environment.

Cyprus is in the process of improving cooperation and information sharing with Russia in order to meet the new standards, says Cyprus Ambassador in Moscow.

Cyprus signs a contract with Israel for the purchase of two patrol boats to boost the island’s coastal defence capabilities.