Galata, Cyprus Galata, Cyprus Galata () is a village in the Solea valley, located about 60 km west of the capital Nicosia, at an altitude of 620 m in the Troodos Mountains of Cyprus. It is a popular summer tourist destination (especially among locals) for its cooler climate in the summer months. It is also well known on the island for its fruit produce. In Galata there is Panagia tis Podithou (), church, which is a UNESCO World Heritage Site along with nine other Painted Churches in the Troödos Region. According to Greek mythology, Cyprus was the first land that Aphrodite set
Economy of Cyprus Shiarly, stated that the European Central Bank, European commission and IMF officials are to carry out an in-depth investigation into Cyprus' economy and banking sector to assess the level of funding it requires. The Ministry of Finance rejected the possibility that Cyprus would be forced to undergo the sweeping austerity measures that have caused turbulence in Greece, but admitted that there would be "some negative repercussion". In November 2012 international lenders negotiating a bailout with the Cypriot government have agreed on a key capital ratio for banks and a system for the sector's supervision. Both commercial banks and cooperatives will