Historic monastery in Cyprus near collapse

“(The monastery) is vital for us, we see this as part of the common cultural heritage of Cyprus,” official Kudret Ozersay said, adding that protecting such monuments is key for Turkish Cypriots to generate tourism revenue.

Source: Greece to get $170 billion bailout

By Yves Logghe, AP

Greek Finance Minister Evangelos Venizelos, left, addresse European Central Bank President Mario Draghi on Monday.

Greece’s tourism receipts up 9.45% in 2011

Greece’s revenue from its vital travel industry increased by 9.45 percent last year as it struggled to keep its economy afloat in a devastating debt crisis, a tourism lobby group said on Monday.

In total, the crisis-hit country garnered over 10.5 billion euros ($13.8 billion) in international tourism receipts according to Bank of Greece figures, the association of tourism enterprises (SETE) said.

Proceeds were up 14.4 percent in July and by nearly 15 percent in October compared with a year earlier but then fell 12.5 percent in November.

After two years of sluggish demand, Greece is believed to have benefited this year from unrest in neighbouring North Africa which forced travellers to seek alternative destinations.

Greece is struggling to escape bankruptcy with the help of loans from the European Union and the International Monetary Fund in return for a host of painful austerity measures.