Nicosia – The small eastern Meditteranean nation of Cyprus has taken over the six-month presidency of the Council of Europe just days after two of its three largest banks asked for assistance. The lanes have all been freshly painted, the flowers have been freshly planted, and the flags have been freshly flown. Yes, the Cypriot capital has been given a face lift as the nation of a little over one million people – a figure that includes Northern Cyprus (more on that soon) - assumes the European Union’s presidency. Cypriot President Demetris Christofias could not be prouder, returning from last…