Cypriot Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis addressed the Paphos Chamber of Commerce and Industry's yearly meeting, where he stated that businesses on the island must modernize, according to reports.

Deputy Finance minister Giorgos Mavraganis sent the ministry's report on bankrupt businesses in the age of recession to the parliament. It was asked by majority conservative MP Athanasios Bouras, who has been asking for measures which will help businesses closed due to the recession re-enter the market.