Cyprus is going through difficult times. Last week, it asked for a eurozone bailout to help its banks, which could reach €10bn.The government said the bailout was needed given the high exposure of the country’s banks to the seriously sick Greek economy.

Even as the country struggles to extricate itself from the economic morass it’s in, another significant, but positive, development happened in its history. Just four days ago, Nicosia took over the presidency of the European Union Council with responsibility for leading the institution through the second half of this year. It’s the first time that the island is to run EU business since it joined the Union in 2004.

The EU presidency will present a golden opportunity to the country to take its cases more vigorously to the European bloc and get the answers it wants. Unlike most other members of the EU, Nicosia is saddled with problems of its own, one of the most serious of which is its acrimonious diplomatic relationship with Turkey which does not recognise Cyprus. Nicosia needs to use the presidency to build better relations with Ankara and try to find a political solution to the problem. On Syrian issue, it will have to tread cautiously given its tense relations with Ankara. There will be no option but to work together with EU and Turkey.

The Minister for European Affairs Andreas Mavroyiannis has said Cyprus will discharge its duties of presidency without any national agenda. He was able to sum up the challenges of his new task when he said: “For the next six months Cyprus shall be the centre of all developments and activities of the entire European edifice. Cyprus will prove that despite its size and part-occupation, it has the will and strength to stand up and play a leading part in European affairs.”

President Demetris Christofias has said their six month presidency will focus on reaching an agreement on the EU’s 2014-2020 budget. Another top objective is to establish a Common European Asylum System by the end of 2012. There is no doubt that Nicosia will try hard to make its presidency a memorable one by trying to produce results, but it will have to make sure that domestic issues don’t hamper its ability to perform.

The government of Christofias also needs to focus on repairing its battered economy. The exposure to Greece has cost Cyprus economy badly. Cypriot banks have been severely hit by a 76 percent write down of their Greek bond holdings as a result of the Greek sovereign debt crisis. The rating agencies have repeatedly downgraded Cyprus’ sovereign rating to non-investment grade due to the exposure of its banking sector to Greece.

The EU presidency is an opportunity that has come in times of crisis.