In its latest comment on Greece (05/02/2013) Fitch noted that Greece has hit its fiscal target for 2012 and posted a minor primary surplus despite economic underperformance. The deficit reduction was achieved by a combination of larger than expected cuts in primary government expenditure and private and official sector debt relief. Fitch stressed that continued…
“Europe wants to investigate the relatives of politicians suspected of corruption,” headlines Diário de Notícias, as the European Commission unveiled a plan to fight money laundering, corruption and drug trafficking. The directive aims to expand monitoring of «politically exposed persons» who may be corrupted by terrorist financing networks and money laundering syndicates. According to the…
The Cyprus signed contract with the French company TOTAL for granting the licenses for exploratory drillings in blocks 10 and 11 on Cyprus’ Exclusive Economic Zone. In statements to the press, at the Presidential Palace, following a meeting of the Cabinet, Government Spokesman Mr Stefanos Stefanou, noted: “The Council of Ministers decided, at the meetings…
During the regular bi-weekly press briefing, IMF spokesman Gerry Rice said that “an IMF staff team will start discussion in Athens with the Greek authorities, the EC and the ECB in late February. The purpose of the mission is to assess progress on the implementation of measures in the program. The visit is expected to…
Fitch downgraded on Friday evening Cyprus’s Long-term foreign and local currency Issuer Default Rating (IDRs) by two notches to ‘B’ from ‘BB-‘ with a negative outlook. The downgrade partially reflects the agency’s view that the size of the government support to the banking sector is likely to be higher than previous Fitch estimates, which mainly…
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