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UN Wants Peace in Cyprus Oil and Gas Dispute

Posted September 16th, 2011 at 2:00 pm (UTC-5)
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The United Nations has called on Turkey to peacefully resolve a growing dispute with Greece and Greek Cypriots over planned gas exploration off the coast of divided Cyprus. Cyprus officials have licensed the U.S.-based company Noble Energy to start exploration of oil and gas reserves off the Mediterranean island’s coast. The decision has riled Turkey, […]

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Cyprus President Addresses Deadly Munitions Blast

Posted September 5th, 2011 at 12:40 pm (UTC-5)
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Cyprus President Demetris Christofias told an investigating committee Monday that a deadly munitions blast at a naval base in July was a “failure of the system.” The blast killed 13 people and triggered an economic crisis and calls for Mr. Christofias to resign. He said officials initially underestimated the risk the munitions posed and that […]

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Cyprus Lawmakers Approve Austerity Package

Posted August 26th, 2011 at 8:15 pm (UTC-5)
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Lawmakers in Cyprus have approved an economic austerity package in a bid to cut its huge budget deficit and ease concerns the Mediterranean island will need a European Union bailout. Legislators Friday voted in favor of measures calling for tax increases and cuts to government workers’ salaries, as well as for their pensions to be […]

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Cyprus President Appoints Cabinet

Posted August 5th, 2011 at 8:20 am (UTC-5)
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Cyprus President Demetris Christofias has appointed a new Cabinet as his country engages in a fight to ward off bankruptcy. He named Kikis Kazamias as finance minister amid growing speculation that Cyprus may be forced to seek a bailout. Last week, the Moody’s credit rating agency downgraded Cypriot government bonds two levels and said the […]

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Cyprus President Appoints Cabinet

Posted August 5th, 2011 at 4:30 am (UTC-5)
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Cyprus President Demetris Christofias has appointed a new cabinet as his country engages in a fight to ward off bankruptcy. He named Kikis Kazamias as finance minister amid growing speculation that Cyprus may be forced to seek a bailout. Last week, the Moody’s credit rating agency downgraded Cypriot government bonds two levels and said the […]

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Report: Economist to be Cyprus’ New Finance Minister

Posted August 4th, 2011 at 6:25 pm (UTC-5)
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Cyprus’ state radio reports that economist Kikis Kazamias will be named the island’s new finance minister Friday. Cypriot cabinet ministers resigned July 28 under public pressure following a massive munitions blast at a naval base. The explosion killed 13 people, and severely damaged a major power plant, causing a setback to the country’s economy. The […]

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Key Party Quits Cyprus Coalition Government

Posted August 3rd, 2011 at 2:05 pm (UTC-5)
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The junior partner in Cyprus’ two-party coalition has quit President Demetris Christofias’ government over disagreements about economic and political reforms. The decision by the centrist Democratic Party leaves Mr. Christofias’ communists with just 19 deputies in the 56-member House of Representatives. It also weakens his position in reunification talks between Greek Cypriot and Turkish Cypriot […]

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Bank of Cyprus Warns of Bailout Threat

Posted August 1st, 2011 at 6:25 pm (UTC-5)
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The Bank of Cyprus has called for urgent government action to prevent a financial crisis that would force the island to seek a bailout from the European Union. Cyprus’ largest financial institution warned in a statement Monday that failing to act on the crisis would threaten the economic future of the country. The warning by […]

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Cyprus Cabinet Resigns Amid Outcry over Economy, Munitions Blast

Posted July 28th, 2011 at 5:45 am (UTC-5)
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A Cyprus government official says the country’s Cabinet has agreed to step down at the request of President Dimitris Christofias. A government spokesman says President Christofias asked his ministers to resign on Thursday as part of a broad reshuffle of the government. Stefanou says the 11 members of the Cabinet will remain in place until […]

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Cyprus President Asks Cabinet to Resign; Credit Rating Downgraded

Posted July 27th, 2011 at 5:40 pm (UTC-5)
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Cyprus President Dimitris Christofias has asked his ministers to resign as part of a major Cabinet reshuffling prompted by a deadly munitions blast and sour economy. The president plans to announce details of his new Cabinet Thursday. His defense and foreign ministers have already resigned and the junior partner in the coalition government has ordered […]

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