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…
Cyprus delivered to the Troika its comprehensive proposal and will invite it to come to Cyprus for a negotiation, the Government Spokesman Mr Stefanos Stefanou (foto) said, noting that there is ample time to reach an agreement with the Troika before the milestone of 12 November. Speaking to the press, at the Presidential Palace, Mr Stefanou…
“According to the preliminary data for July, it seems that things are improving compared to the previous months”, the Government Spokesman Mr Stefanos Stefanou stated regarding public finances. Invited to explain a previous statement he made regarding the fiscal deficit, the Government Spokesman said: “without taking measures and based on the data for the first…
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…
Ελληνική Οικονομία Blog 