Center-right leader Nicos Anastasiades has won the Cypriot presidential election with 57.5% of the vote, BBC News reports.

It was a comfortable victory over Communist-backed Stavros Malas on 42.5%. Malas has admitted defeat.

Anastasiades takes power as Cyprus stands on the brink of bankruptcy, hit by the knock-on effect of Greece's economic woes. He favors a quick deal with foreign lenders to finalize a bailout of the Cypriot economy.

"My first priority is to reinstate Cyprus' credibility,'' Anastasiades, 66, said in a victory speech in front of his jubilant supporters in the capital Nicosia. "I'm determined to work together with our EU partners, and - at the same time - fulfill our responsibilities to the utmost. I am committed to making all the necessary measures to steer our country out of the economic crisis.''

Supporters of Anastasiades's Democratic Rally party waved Cypriot and Greek flags and set off firecrackers across the island.

The Cypriot economy is in recession and the state has little money in its accounts. Cyprus first asked the EU for a bailout last July to shore up its banks.

Because of the bailout deal for Greece, and the restructuring of its debts, which saw private bondholders suffer big losses, Cypriot banks lost about 75% of their investments.

However, the Cypriot bailout deal has foundered in protracted negotiations.

The new president will have to finalize a deal with the other 16 countries that use the euro and with the International Monetary Fund (IMF).