The problem started due to the exposure of Cypriot banks to Greece, the island’s neighboring economy, both on the commercial side of things, must more importantly and more critically because the Greek Government Bond EU restructuring, which Cyprus signed up for in the spirit of EU/Greek solidarity. Now this restructuring will account for about 40-50% of capital needs in Greece.

At that time it was understood that there would be some sort of protection in exchange for this solidarity otherwise, Cyprus should’ve taken a much harder line like ensuring that the Greek branches within Cyprus get covered by the Greek bailout.

We should also make it clear that this is not true for all banks, and Cyprus has two money-centre type banks: Laiki (Popular) Bank and the Bank of Cyprus.

A while back, Laiki was purchased by a Greek vehicle backed by money from the Gulf and this caused a shift in the bank’s policy. From being a fairly conservative local bank it turned into one very open to Greece, which made it exposed to Greece’s problems as well. Now Laiki is insolvent and has to be restructured.

On the other hand while Bank of Cyprus proved to be more conservative in its deals with Greece it is still exposed to the troubles even if less so than Laiki, it could survive without restructuring but that remains to be seen.

These are the two main bank in Cyprus, there are of course smaller banks which either have a much smaller exposure to Greece or none at all, so those will be relatively fine. These considerably more local-oriented banks were exposed to the local real estate market bubble which burst in 2009, but they’re recovering slowly from that.

These are the bare-bone basics of what’s happening in Cyprus, there would be more to talk about of course, and we’ll do so in future posts.

Cyprus still has a very highly educated workforce with which it has to find something to do, and quickly, in order to decrease the eventual brain drain that will undoubtedly happen which will surely diminish the country’s recovery prospects to a certain degree.

The solution does allow for the financial services business in Cyprus to continue to a certain extent, so preserving as much of this business potential as possible should be one of the things to keep in mind.

Tourism becomes an even more important factor in the current situation, and pushing for more aggressive tourism related improvements would be just the first of many steps in this regard. The idea of creating casinos should be looked at considering the beneficial geographic location of Cyprus in relation to the Mediterranean.

We mentioned the inevitable brain drain that will happen, well that can be greatly diminished by promoting higher education thanks to the country’s advanced private university system, with some legislation tweaks meant to support it, this could prove to be a significant boon in the mid-to-long term prospects of the country.

Outsourcing of the professional services that the country can offer, as we mentioned earlier the workforce is highly skilled and considerably less costly than that in Western Europe.

For the longer-term, there is very little way around the fact that Cyprus has to get in line with many other countries with a highly educated workforce and start building its software and technology capabilities, but this isn’t an industry with any kind of tradition in the country, so it will be a hard climb.

Panagia tou Araka Church

This is the Church of the Virgin Araka, located just a bit off the main road from Nicosia towards the villages of Laghoudera and Sarandi. Researchers think that the church was built towards the end of the 12^th century, shortly before the Crusaders arrived on the island. The church and a small two-story monastery have survived.

Church of Our Lady of Asinou in Nikitari

The Panagia Phorbiotissa – Church of Asinou – has been under UNESCO protection since 1985. It’s a church founded in 1099 by Nicephorus Ishiriem, which we know thanks to the inscriptions on the temple murals. The place gradually diminished in importance till it eventually disappeared off the face of the map, literally.

Skiing near Mount Olympus

You may not think of Cyprus as a destination for skiing, but you’d be amazed to see the mountain resorts offered. You can easily get there with the help of our Cyprus car rental services, and consider that there won’t be large crowds populating the slopes. You can reach the highest point of Cyprus – Mount Olympus at 1952 meters and then ski down the mountain.

The village of Promodromos

Promodromos is the highest village on the island, situated at 1402 meters, famous in the country for its orchards; the village is also home to the church of St. Nicholas.

The Galata and Kakopetria villages

These villages are located in the northern foothills of the Troodos mountain range and are especially well known to the resident of Nicosia who visit the villages during the weekends. They offer a quick and natural respite from the noise and heat of the city. They also have everything you may think you need for a comfortable rest, small hotels, great restaurants and green shady lanes.

Galata is also home to the Church of St Sozomen, built in the 16^th century, it’s a temple with a wooden roof, one of the few churches in Cyprus which remained entirely furnished. The walls are all painted with frescoes and the outer part of the northern wall is decorated as well.

Halloumi has some wonderful properties which make it a daily staple of the Cypriot diet. It is used in dishes and can also be eaten as an accompaniment to other dishes, and boasts the peculiarity that it will not melt when you grill or fry it.

This cheese is part of traditional Cypriot salads, sandwiches, morning eggs and as a side to meat dishes; just as easily it can be part of gourmet recipes and more strangely, it accompanies watermelon in the summer. If the not melting when fried or grilled didn’t interest you enough, then this last property just might.

There is commercial halloumi and traditional halloumi, the commercial one features a soft, almost rubbery layered texture and a very mild, salty taste, which the traditional variety is harder and has a much saltier flavor. The commercial version is becoming quite popular in Western cuisine, and even if the traditional variety was only made in villages by the locals, it too has started finding its way to supermarket shelves. The great thing about halloumi is that it comes packaged in salt water and its natural juices and by keeping it in this solution it will last for a very long time, if you freeze and hermetically seal it, you can keep it for up to a year.

There is a major difference between traditional and commercial halloumi, namely that traditional halloumi is made from a mixture of unpasteurized goat’s and sheep’s milk and that is what gives it its tremendous taste and characteristics. The commercial variety is made with pasteurized milk and it also uses a lot of cow’s milk, because it’s cheaper so the cheese’s characteristics suffer from it, both in taste and behavior.

The main characteristic of halloumi – namely its high melting point – stems from the fact that the substance is heated before it is shaped and then placed in the brine.

Halloumi is usually packaged with mint and this stems also from tradition when mint leaves were used as preservatives, however the minty taste worked great with the halloumi and it remained as a characteristic of the cheese even after the discovery of more modern preservation methods.

The best way of tasting traditional halloumi is to go and get it yourself from a village, and the best way to do that is to employ our Cyprus car hire services.

The Paphos Aphrodite Festival

This is a very popular event taking place at the Medieval Castle in Paphos, each year, in August, an opera troupe performs.

Village Festivals

Also taking place during the month of August, this is when relatives and friends get together to dance, sing and drink. This is one of the events that will give you a great sample of true Cypriot traditional life. Festivities will take place in most villages and they include anything and everything, from folk music and dance, to exhibitions of flowers, art, photography, silverware, painting, all sorts of local craftsmanship in general. It’s a great chance to get immersed in the culture from several points of view to be sure.

Cyprus Film Festival

This is a nationwide festival that takes place during the month of September usually. It’s a great opportunity to see a wide array of films that would normally not reach the big screen as well as a great chance of meeting the film makers and offering them encouragement, accolades and most of all constructive criticism. It’s a great place for those interested of making independent movies or small budget flicks.

Zeytinlik Olive Festival

September is also the month of the Olive Festival which celebrates the harvesting of the famous Cyprus olives. The event take place in the village of Zeytinlik which is located at about a kilometer from Kyrenia and you can engage in a variety of cultural events during it.

Limassol Wine Festival

This festival takes place during the first week of September in the Municipal Garden of Limassol. This is a great opportunity to sample some of the best Cypriot wines for free, not to be missed.

Keep our Cyprus care hire services in mind if you wish to enjoy as many of these events as possible.

Tombs of the Kings

That title is something that most people would associate with Egypt not Cyprus, however the one in Egypt is called Valley of the Kings, and the one the we’re talking about, the one in Cyprus, has very little to do with actual kings.

It is however the resting place of about a hundred Ptolemaic aristocrats who died in Paphos between 3 BC and 3AD. The building can be found in the northwest of Paphos harbor, close to the Coral bay. The structure is made up of solid rock formations but features Doric-style pillars and walls decorated with frescoes. The ongoing archaeologic excavations at the site have discovered the Church of Paleoekklisia which features some Byzantine frescoes.

Kouklia – Temple of Aphrodite

This temple of Aphrodite was officially established by Aphrodite’s cult when they built a hilltop temple on the important pilgrimage site of Palea Paphos. Interesting about the site is that it was erected sometime around 1500 BC, but idols and coins related to the cult of Aphrodite have been found on the site dating back to 3800 BC, so this was an important spot for thousands of years. The temple was founded on a knoll about two kilometers inland around which soon the town of Palea Paphos began to form.

The first archaeologic excavation at the site was done in 1887 and ever since then subsequent digs have found new discoveries and information.

In this series of articles we took a quick look at some of the better- and lesser-known attractions that Paphos has to offer, so that you can get a better idea of what to expect while on your trip there. Keep in mind that you can use our Paphos airport transfers services to get from one point to another within the city as well as its surroundings, so that you can enjoy your trip to the maximum.

Commandaria can be found at any Cypriot supermarket as well as being served at most traditional restaurants and tavernas after dinner as a digestive.

This golden liquid is matched very well with nuts, dried fruit, dates and mature cheeses – this includes aged halloumi – as well as some types of dark chocolate.

Commandaria wine is the oldes named wine still in production, amber-colored and very sweet, it brings with it a flavor that has equal parts raisins, caramel and dried fruits. The flavors stem from the very distinctive wine-making process involved which sees the sun-drying of the grapes before being pressed and fermented, thus the slightly smoky caramelized nuances of its flavor. This wine-making process is documented has been documented at about 800 BCE, hence why Commandaria has the unique claim of being the oldest named wine still in production.

The Commandaria is usually fortified in order to reach an alcohol content of up to 20%, even if usually the alcohol content already is around 15% after the fermentation and aging occurs. The practice of fortifying has been adopted for the commercial production of Commandaria even though it is not exactly a requirement, but for its commercial life to be the longest possible, the increased alcohol percentage stops the fermentation process and hence stabilizes the wine.

When you keep this in mind and combine it with the fact that Commandaria comes in bell-shaped bottles then you can understand why there has been and still is a bit of a misconception that Commandaria is a liqueur, but it’s not.

Each of the four major wine producers in Cyprus produce their own type of Commandaria, but theer are also local wine producers who make it as well, in about fourteen villages in the foothills of the Troodos mountains.

One way of exploring this particular type of drink is with the help of our Cyprus car rental services.

Shakespearean nights

This festival takes place in June at the ancient amphitheatre of Curium. You may not expect for Shakespeare to be that much of an influence in Cyprus, but he is a major name in any theatre community. The annual production is organized by the Performing Arts for Cyprus Charities and attracts large audiences both from the island as well as abroad, managing to raise thousands of Euros for charity.

Nicosia International Arts Festival

This one also takes place in June and is a two-week festival made up of art exhibitions, theatre, music and dance, bringing together a plethora of international performers from all around the world. The Famagusta Gate Cultural Centre is the focal point of the events, however there are other venues all around the city that will host some of the events.

Limassol International Arts Festival

This festival takes place for ten days between June and July in which the Municipal gardens act as a venue for a programme of music, song and dance from artists both local and international.

International Famagusta Art and Culture Festival

This festival started in 1987 and has only gained in popularity and size since then. It is organized by the Famagusta municipality and it has venues in an around the town; the aim of the festival being to promote Northern Cyprus as a place for ar and culture.

Guzelyurt Orange Festival

Taking place during June and July the town of Guzelyurt celebrated the orange harvest with fairs, concerts and all sorts of revelry; it is one of the most popular festivals with local Cypriots.

Ancient Greek Drama Festival

This one takes place between June and August in Paphos. There’s something special to be said about watching a Greek play by candlelight in an open-air ancient theatre. More-so the plays are performed in their original Ancient Greek, great stuff indeed.

In order to see any of these keep our Cyprus car rental services in mind.

Church of the Holy Cross in Platanistisa

Just like it is with many other such locations in the region, there is a legend related to the building of a church in this quiet and secluded location. According to the legend the refugees from Agiasmati founded a monastery here of the same name in memory of the land that they had to leave. They brought with them a manuscript from Asia Minor, containing some colorful illustrations representing St. Helena and talking about her quest for the True Cross. It is yet unknown what happened to this monastery.

Church of Archangel Michael in Pedoulas

This church was built in the village of Pedoulas at the head of the Marafas valley, which has the village of Mutullas in it. One particularity of this church are its frescoes which depict a wide range of scenes from both Testaments.

Church of Our Lady Mutullas

Since we mentioned this village in the earlier paragraph, you should know that this is a very old village that is surrounded by cherry orchards and also has a small church, another gem amongst the various churches in the region, protected by UNESCO and worth your time.

Church of the Transfiguration of Christ in Palehori

This place of worship is located on a high hill near the center of Palehori, and has been using this name since at least the end of the 13^th century when it was in the property of the Hospitallers. It is unknown when the church was founded.

Monastery of St. Lampadistis in Kalopanaetis

This is an ancient monastery named after the Cypriot Saint John Lampadistis which can serve as something of a guide through the history of Christianity, because it’s made up of two temples and a Latin chapel, harmoniously combining elements from various centuries of architecture and art.

There are more such locations that we’ll talk about in a future entry in this series you can rest assured, till then keep our Cyprus car rental services in mind and enjoy your trip.

The Paphos Aquarium

The aquarium is located next the Theoskepasti church, and it’s a great place to spend a family day out exploring the mysterious underwater world. The place has seventy-two very large enbironmentally friendly tanks full of ocean fauna and flora, and one of them is home to some crocodiles.

The Paphos Aquarium is home to both salt-water and fresh water fish, both common and rare and the lighting in the Aquarium is especially designed to allow for their interesting markings and colours to be very easily observed.

Petra Tou Romiou – Aphrodite’s Rock

The location of Petra Tou Romoiu, also known as Aphrodite’s Rock, is something that should exist on every must-see list of Cyprus because it is nothing less than the birthplace of Aphrodite, the Greek goddess of love. Myth has it that she rose from the sea in this bay, having chosen the rock to begin her life as a human. It is also said that she first travelled to the island of Cythera, but finding it too small she reached Paphos and chose to settle there.

Interestingly enough, the local title of the place – petra tou romiou – means “Rock of the Greek” which refers to a different story according to which a Byzantine frontier guard defended the coast by throwing the rocks at an invading fleet.

The Mosaics of Paphos

The superbly preserved mosaic are located near the Paphos harbor; they date from the third to fifth century A.D. and can be found in the Villa of Dionysos, Orpheus and Aion, and the Villa of Theseus. These are pavement mosaics accidentally found by a farmer while he was ploughing his field. The villas are quite massive and excavations are still ongoing, however the mosaics that have been found depict scenes from Greek mythology. The mosaics are made with small marble cubes and glass paste and the surface occupied by these wonderful works of art is astounding, almost six thousand square feet.

In order to see these locations, as well as other in the country make sure to consider our Paphos airport transfers services.