NICOSIACity, Rabi'II 5, 1434, Feb 15, 2013, SPA -- Outgoing Cypriot President Demetris Christofias said on Friday he was bowing out with his head held high, blaming profligate banks and a global economic crisis for financial turmoil enveloping the cash-starved island, according to Reuters. Christofias, a communist leader elected in 2008, will not be contesting presidential elections scheduled for this Sunday. Right-wing leader Nicos Anastasiades is expected to win the vote, which could extend to a runoff on Feb. 24. "The government cannot be blamed for the economic crisis, ignoring a global crisis and the damaging responsibilities of banks and its regulator," Christofias said in a televised address. A new government will be in place on March 1. -- SPA 21:07 LOCAL TIME 18:07 GMT www.spa.gov.sa/1078714