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French Finance Minister Pierre Moscovici talks on his cell phone Sept. 14, 2012, prior of the Informal European economic and financial affairs council in capital Nicosia, Cyprus. European finance ministers are gathering in Cyprus for two days of discussions about the debt crisis and the latest developments in Greece and Spain. (Associated Press)

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**FILE** A giant Turkish flag is illuminated July 18, 2012, on the Pentadaktilos mountain in the Turkish-occupied area in Nicosia, Cyprus, as cars pass on the road. (Associated Press)

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Ryan M.L.Young/The Washington Times VIEW FROM MEDITERREAN: "We are very much aware of the need to cut the deficit, but without ignoring the need for continuing growth," said Pavlos Anastasiades, Cypriot ambassador to the United States.

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Illustration Cyprus under Turkey by John Camejo for The Washington Times

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** FILE ** Cypriot Foreign Minister Erato Kozakou-Marcoullis is pictured during a meeting with her Israeli counterpart, Avigdor Lieberman, at the Foreign Ministry in Jerusalem on Wednesday, Aug. 24, 2011. (AP Photo/Sebastian Scheiner)

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Turkish Energy Minister Taner Yildiz (left) joins Turkish Cypriot leader Dervis Eroglu (second from right) on a drilling platform Thursday to mark the start of exploratory oil and gas drilling by Turkey in the northern half of ethnically split Cyprus. (Associated Press)

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Foreign Minister Erato Kozakou-Marcoullis (right) said Cyprus "cannot accept the 200 or 300 thousand settlers who have come illegally to the occupied areas during the last 37 years." (Associated Press)

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Cyprus Foreign Minister Marcos Kyprianou resigned Tuesday, another casulaty of the explosion of gunpowder-filled containers at a naval base. (Associated Press)

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Rescuers stand near the sheet-covered bodies of some of the 12 people killed by an explosion's concussion wave near the Evangelos Florakis Naval Base in Mari, Cyprus, on Monday July 11, 2011. (AP Photo/Christos Theodoridis)

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Swimmers vie to catch a metal cross during an Epiphany ceremony to bless the waters in the southern city of Larnaca, Cyprus, on Thursday, Jan. 6, 2011. Similar ceremonies to mark Epiphany were held across Greece and Cyprus at the sea and at dams. An Orthodox priest throws a cross into the water, and the swimmers race to retrieve it first. (AP Photo/Petros Karadjias)

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A combo picture shows the different phases of a partial solar eclipse seen in capital Nicosia, Cyprus, Tuesday, Jan. 4, 2011. (AP Photo/Petros Karadjias)

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The vessel Irene, with nine Jewish activists aboard, sets sail on Sunday, Sept. 26, 2010, from the Famagusta harbor in the Turkish-occupied north of divided Cyprus in a bid to breach the Israeli naval blockade of Gaza. (AP Photo/Petros Karadjias)

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Illustration: Cyprus/Gaza

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Cyprus' spokesman Michalis Katsounotos speaks to the media during a press conference at police headquarters in Nicosia, Cyprus, Tuesday, June 29, 2010. Cyprus authorities arrested a Canadian citizen wanted by U.S. authorities on suspicion of passing secrets to Russia and money laundering, a police spokesman said. (AP Photo/Petros Karadjias)