Of all the obstacles to putting the economy back on track, the IMF recently honed in on the banks’ non-performing loans (NPLs), citing the urgency for Cyprus to implement a foreclosures framework.

Cyprus needs to redouble its efforts to put its adjustment programme back on track after derailment by “heightened political opposition, entrenched vested interests, and reform fatigue”, which were taking a toll, the International Monetary Fund (IMF) said recently.

Five new hotels are expected to operate in Larnaca in 2015, according to the town’s Tourism Development and Promotion Company.

German speaking markets are being targeted by tourism stakeholders as a priority with the aim of boosting arrivals to Paphos, regional tourism board officials said recently.

Minister of Agriculture, Natural Resources and the Environment Nicos Kouyialis has said that the Russian embargo on EU products has cost the Cyprus economy so far €13 million.

Public debt decelerated and fiscal deficit fell in 2013 in Cyprus, data released by Eurostat recently show.

The Bank of Cyprus reduced in September 2014 its dependence on the Emergency Liquidity Assistance (ELA) by €1b, dropping to €7,68b from €8,68b in August.

The co-op movement is looking for a buyer for a piece of property in Paphos worth at least €2.9 million which was repossessed after the owner was unable to service his loans.

The Cyprus Tourism Organisation (CTO) recently inaugurated its second cycling path and its 7th wine route in Cyprus' mountains.

Banks will start lending after the Europe-wide stress tests, Central Bank (CBC) Governor Chrystalla Georghadji said recently, suggesting that the results were expected to be manageable.