25 Feb 2013

New president chosen in Cyprus

9:44 am on 25 February 2013

Democratic Rally party leader Nicos Anastasiades has won the presidential election in Cyprus with 57.5% of the vote.

It was a comfortable victory over Stavros Malas who was backed by the Communists, on 42.5%. Mr Malas has conceded victory.

The BBC reports Mr Anastasiades will take power with Cyprus on the brink of bankruptcy, due to the knock-on effect of Greece's economic woes.

He favours a quick deal with foreign lenders to finalise a bailout for the economy, which is in recession.

Because of the bailout deal for Greece and the restructuring of its debts, Cypriot banks lost about 75% of their investments.

Cyprus first asked the EU for a bailout last July to shore up its banks. However, the BBC reports a deal has foundered in protracted negotiations.