Last month, the island of Rhodes experienced a 11.38% increase in tourism, compared to last year's May.

Cypriot Foreign Minister Ioannis Kasoulides is warning that the nation's financial associations with Russia may be destroyed, if the European Union administers a third segment of sanctions, regarding its role in the Ukrainian turmoil.

Bank of Cyprus will soon decide if it will advance to a share capital increase by the end of June, after the financial institution declared its first profit in seven quarters.