Category: Cyprus

Cyprus Sells Gold Bullion

Gold posted its biggest one-day drop in nearly 2 months on Wednesday after Cyprus was forced to sell most of its gold reserves, but analysts said strong bullion buying by other central banks should underpin the price of the metal. Investor fears over more gold sales by other debt-stricken euro zone members such as Portugal […]

Cyprus Banks Fail

The 2012–2013 Cypriot financial crisis is a major economic crisis in the Republic of Cyprus that involves the exposure of Cypriot banks to the Greek Debt Crisis, the downgrading of the Cypriot economy to junk status by international rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of […]

Gas Discovered Off Cyprus

December 29th, 2011 Noble Energy Inc. said a field off the coast of Cyprus may hold as much as 8 trillion cubic feet of natural gas, the first discovery off the divided island nation. Results from the Cyprus A-1 well indicate from 5 to 8 trillion cubic feet of gas, with a gross mean of […]

Explosion At Munitions Storage Site In Cyprus

June 12th, 2011 Cyprus munitions explosion kills 12 The munitions, seized in 2009 from an Iranian shipment to Syria, apparently exploded when a wildfire reached a military base. The explosion leads to the resignations of Cyprus’ defense minister and the commander of the Greek Cypriot National Guard. Two top officials in Cyprus resigned Monday after […]

Cyprus Interferes With Freedom Flotilla II

June 29th, 2011 The government of Cyprus refused to cooperate with the Free Gaza Movement or allow activists to sail from its harbors. The Cyprus Police stated that “anything related to the trip to Gaza is not permitted,” and as a result remaining MPs and activists embarked instead from Famagusta in Northern Cyprus.