Chrystalla Georghadji

Cyprus' Central Bank chief says the island nation's economy will grow by slightly more than 2.7 percent of gross domestic product in 2016 and will hover at around the same levels for the next two years.

Cypriot President Nicos Anastasiades made preparations on Sunday to sack Central Bank Governor Chrystalla Georghadji, accused by Parliament of a conflict of interest, the government spokesman said.

Cypriot politicians called on the central bank governor to resign on Friday, accusing her of a conflict of interest, days after a media leak, which many believe came from the central bank, listed MPs who owe millions in loan arrears.

Big business needs to repay debt to struggling banks if Cyprus is to enjoy a sustained economic recovery, Central Bank chief Chrystalla Georghadji (photo) said on Tuesday.

Nikos Chrysoloras & Georgios Georgiou

Cyprus wants to start talks with the European Central Bank on a debt swap that would ease the burden on the country’s largest lender, two people familiar with the discussions said.

Cyprus is considering tapping the bond market by September, according to two government officials directly involved in the process.

One of the officials, who asked not to be identified as no final decision has been made, said the initial offering will be for about 500 million euros and will probably be held after a share sale by the Bank of Cyprus, the country’s biggest bank.

Five Serbian cities make list of Europe's top 10

The cities were chosen based on categories including human resources and life and business environment. Also in business news: Cyprus appoints Georghadji as new central bank governor.

Zajecar, Serbia, was chosen as one of Europe's top 10 cities of the future. [AFP]