Cyprus is trying to get back on its feet after its financial crisis. But delinquent loans are plaguing the country's banks.
Incumbent Nicos Anastasiades has defeated leftist challenger Stavros Malas, claiming 59.6 percent of the vote. State television has reported that Malas conceded defeat around an hour after polls closed.
Voting has concluded in a presidential poll in the Republic of Cyprus, with no candidate expected to win outright. The poll comes as Cypriots continue to hope for a resolution of the country's ethnic divisions.
President Nicos Anastasiades won the first round of voting but failed to garner the 50 percent needed to avoid a runoff. At stake is the future of an island that has been divided for 44 years.
Greek Cyprus leader Nicos Anastasiades has announced a presidential bid for the January 2018 election, pledging to revive reunification talks that collapsed in July. Anastasiades promised he would not seek a third term.
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