Anastasiades wins Cyprus presidential election

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Conservative leader Nicos Anastasiades has won the Cyprus presidential election in a runoff scoring 57.5 percent of the vote and therefore defeating Communist-backed rival Stavros Malas (42.5 % vote). In the first round also Anastasiades with 45% of vote share was leading Malas (27%) comfortably but he couldn't garner 50% plus one needed for clean victory necessitating a runoff.

Anastasiades biggest challenge would be to steer the country's economy facing its worst economic crisis in four decades, with unemployment at a record high of 15 percent. Financial markets are hoping an Anastasiades victory will speed up a joint rescue by the European Union and International Monernertary Fund before the island runs out of cash and derails fragile confidence returning to the eurozone. However, German misgivings about the nation's commitment to fighting money laundering and strong financial ties with Russia have further complicated the negotiations.

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