According to the latest official results of national elections (99.88% of total) New Democracy (conservative party) won 29.66% of the votes (from 18.85% in the previous elections on May 6) and 129 seats (from 108) in the 300-seat legislature, SYRIZA (coalition of the radical left party) 26.89% (from 16.78%) and 71 seats (from 52), PASOK…
Moody’s downgraded Cyprus’ government bond ratings by two notches to Ba3 from Ba1, and has placed the ratings on review for further possible downgrade. The key driver for the downgrade is the material increase in the likelihood of Greece exiting the Eurozone, and the resulting increase in the likely amount of support that the government…
Cyprus is very close to receiving financial assistance to support its banking sector. The East Mediterranean country is the fifth member of Eurozone which asks external help, after Greece, Portugal, Ireland and Spain. Information indicate that the accession of Cyprus to the European Support Mechanism may happen during weekend, but the alternative is the Cyprus…
I welcome the significant progress achieved in the preparation of the second Greek adjustment programme. I particularly welcome the detailed assessment of the Troika that Greece has implemented all agreed prior actions in a satisfactory manner. The Eurogroup urges the Greek authorities to continue demonstrating strong commitment and to keep up the implementation momentum by…
According to the latest data just released by BoG, total credit rose 0.2% m-o-m, yet eased 1.9% y-t-d and 2.2% y-o-y in September (Aug: -1.3% y-o-y) reaching €252.9bn, which corresponds to 113.9% of GDP from 107.7% at YE ‘09. Euroxx Research point out that deductions continued unabated across the board reaching €1,059m in September from €1,310m…
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