Cyprus usually flies under radar, only making news when some ship involved in neighboring conflicts docks there or folks get evacuated there. The ongoing divide between the Turkish and Greek sides of the island gets little coverage as well, as the two NATO states back their kin to a four-decade-long stalemate, with the Turkish side setting up an independent government that only Turkey recognizes.
Bad banking has put Cyprus in the news; the EU wanted to impose a 10% hit on deposits as part of a bailout. Loans to their Greek allies have gone sour, and a bailout on the order of half the Cypriot GDP is needed.
One interesting factoid on those deposits is that quite a few of them belong to rich Russians, stashing their cash in an Orthodox Switzerland of sorts. A revised plan exempted deposits under 20K Euros and hit the folks with over 100K Euros with a 9.9% "haircut."
That's actually not far from what would happen in the US if a bank went under. Stuff under $100K is covered via the FDIC and stuff above that is left to the mercies of the regulators. Usually, they try to cover the big boys, but it isn't guaranteed, so the big deposits are often quick to leave when a bank looks to be in trouble; "hot money" was the term that got used for such big deposits when I was taking my finance classes in the 80s.
Interestingly, the Cyprus legislature voted down the EU plan without a single yes vote. The Russians are nervous, looking to possibly swap some help for rights to a natural gas field off the coast that would more than pay for the financial fubar.