"Cyprus island is not for sale and the Cypriot people have dignity and don't challenge me with such questions, " he replied.
BBC: Cyprus not for sale, president says after bailout talks
Greek banks are heavily exposed to Cyprus, an island which makes up around six percentage points of Greece's total export volume.
WSJ: Greek Stocks Slump; Investors Play Catch Up on Cyprus Worries
The Republic of Cyprus is an island country in the Mediterranean Sea.
FORBES: Cyprus Looks To Impose Bank Tax, Boost Corporate Taxes To Rescue Economy
Pressure for funds grew on Wednesday when the Bank of Cyprus, the island's largest lender, said it would ask the state for 500m euros temporarily to meet a 30 June deadline to bolster its regulatory capital.
BBC: Cyprus not for sale, president says after bailout talks
The partitioned island of Cyprus has long been a running sore in Greek relations with Turkey.
ECONOMIST: Why Greece struggles to get along with its neighbours
Turkey blames the EU for letting in Cyprus before ending the island's division between Greek and Turkish Cypriots.
As part of a bailout deal for the island of Cyprus they have decided to impose a tax on savers.
The crisis-of-the-moment is Cyprus, the Mediterranean island country that struggled this week to get an emergency bailout from other countries.
Cyprus is a tiny island of 1.1 million people, but now is a critical piece of the global economic puzzle.
FORBES: Cyprus Needs a Tax Check-off Like Presidential Campaign Fund
The Cyprus savings account tax measure was apparently not discussed with Russia, which has a major loan out to the island nation in which Cyprus is trying to extend.
FORBES: A.M. Kitco Metals Roundup: Gold Up on Fresh Safe-Haven Demand; EU Worries Resurface
Most of the bailout money is expected to go to Cyprus Popular Bank, the island's second-largest lender, which is heavily exposed to debt-laden Greece.
Stocks have pulled back slightly over the past week amid renewed concerns about Europe and the possibility of bankruptcy in the Mediterranean island nation of Cyprus.
Russia, which was critical of the tax levy on bank accounts because its locals account for nearly all of the foreign accounts on the island, failed to offer Cyprus financial support on Wednesday.
Admit the Greek-run part of Cyprus (in legal terms the whole island) and risk sparking a crisis, perhaps even a war, between Greeks and Turks, even though the governments in Athens and Ankara have been getting along better than they have for some time?
If you never heard of the small island country in Eastern Europe called Cyprus prior to the last few weeks, you are probably not alone.
Hopes that talks in Copenhagen outside the summit could lead toward a deal to reunite the island came to little, but Cyprus was accepted anyway.
The purpose of this rapid timetable is to maximise the chance of Cyprus being reunited when the Greek part of the island joins the European Union on May 1st.
Mindful of nationalist sentiment at home, Turkey decided to issue a declaration, after signing the protocol, that it would recognise Cyprus only after a comprehensive settlement for the whole island was reached.
In the Cypriot banking crisis Germany was also one of the sharpest critics of the offshore model pursued by Cyprus, which attracted many rich Russians to the island and enabled them to avoid paying taxes at home.
BBC: Germany's Schaeuble welcomes data on global tax evasion
The Cyprus setting for the gathering is especially notable as the island EU member state offers Europe the clearest shot at the offshore gas reserves.
That is why the UN Security Council decided to send a UN peacekeeping force to Cyprus in March 1964, which has been on the island ever since.
The last census indicated that there are about 1.1 million people in Cyprus, or just a little more population than Rhode Island ( our 43rd most populous state).
FORBES: Cyprus Looks To Impose Bank Tax, Boost Corporate Taxes To Rescue Economy
Meanwhile the island's largest bank, the Bank of Cyprus, appealed for a bailout deal to save the economy from ruin.
The rescue deal for Cyprus, announced on Saturday, prompted widespread outrage on the island at the prospect of ordinary savers being forced to pay a levy of 6.75%.
This twelfth trading week of 2013 comes to a close with investors breathing a sigh of relief as a banking deal between Greece and Cyprus emerged that eased fears of a financial meltdown on the island.
The Turks, for their part, insisted that they had made good-faith efforts to achieve a peace settlement (they and their ethnic kin in Cyprus had accepted a UN-sponsored plan to reunify the island but it was spurned by the Greek-Cypriots earlier this year).
The island's two largest banks, the Bank of Cyprus and Popular Bank, were bailed out following massive losses.
The banking sector dominates Cyprus' economy and if a viable rescue is not organised soon the island state risks having to abandon the euro.
Cyprus has severely restricted the free flow of money to and from the island in recent days as it fought to avert a financial panic.
That mix of nationalities has created a cosmopolitan feel to this island but it has also complicated the financial rescue, with Cyprus keen to protect various foreign interests.
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