Christodoulides Election Win Limits Prospect Of Unification deal

Former Foreign Minister Nikos Christodoulides secured a narrow win in the second round run-off for the Cypriot presidency on 12 February, defeating former Cypriot ambassador to the UN Andreas Mavroyiannis by 51.9% to 48.1%. Christodoulides ran as an independent, but received the backing of a number of centrist nationalist parties. Despite his first remarks following the win promising that unification would be a top priority, Christodoulides' hard-line stance on talks with the gov't of the Turkish-occupied north of the country means reaching an agreement looks like an improbable prospect during his tenure.

• While the result limits the prospect of a deal, Christodoulides' presidency will calm financial markets. He hails from the same conservative DISY party as outgoing president Nikos Anastasiades, and given the still-fragile nature of the Cypriot economy following the banking sector crash of 2012-13 retaining foreign investor confidence could prove crucial for promoting growth.
• Mavroyiannis had previously led negotiations between the Republic and the gov't of northern Cyprus and was seen as a deal-maker open to concessions to reach agreement. However, his backing from the post-communist AKEL unnerved centrist voters and markets, and ultimately may have cost him the presidency.