Arab Today, arab today moody\s downgrade of cyprus bond
Last Updated : GMT 06:57:50
Arab Today, arab today
Arab Today, arab today

Moody\'s downgrade of Cyprus bond

Arab Today, arab today

Arab Today, arab today Moody\'s downgrade of Cyprus bond

Nicosia - XINHUA

Cyprus Finance Minister Vassos Shiarly on Friday said Moody\'s downgrading of Cyprus\' government bond rating is a distressing event. He said the government was making efforts to conclude a bailout agreement as soon as possible. Moody\'s on Thursday downgraded Cyprus bond ratings three notches from B3 to Caa3, with a negative outlook because of an anticipated rise in its debt burden and concerns over a possible default. Cyprus asked for a bailout from the European Union (EU) and the International Monetary Fund (IMF) in June last year after its two largest banks suffered heavy losses due to their exposure to the Greek debt crisis. The banks applied for state support to raise their tier 1 ratio capital to the level required by the European Banking Authority. Cyprus and the troika representing the European Commission, the European Central Bank and the IMF reached a preliminary bailout agreement in November last year with bailout aid expected to be around 17.5 billion euros (23 billion U.S. dollars). Out of this, 10 billion euros was tentatively earmarked for banks recapitalization and 7.5 billion euros for covering debts and government finances until the end of 2015. However, the amount set aside for the banks is still under scrutiny by international audit firms and uncertainty over the issue is holding back the bailout agreement. Cyprus says it can meet its needs only up to March. Moody\'s said they downgraded Cyprus because initial estimates by auditors said the recapitalization amount is going to be higher than originally expected. They added a negative outlook to the Cyprus economy was given because of the delay in disbursements by the European Stability Mechanism and the IMF may create a severe liquidity crisis for the government. Shiarly insisted that even if sovereign debt rose to 150 percent of GDP after receiving bailout support, Cyprus would manage. However, he conceded that Cyprus would miss a Jan. 21 Eurogroup meeting on account of a further delay in finalizing a report on the needs of the banking system, originally expected on Jan. 15. That would leave final discussions on the memorandum and signing of the bailout agreement to a new state president to be elected in mid-February. Polls predict that the head of the next Cyprus government will be right-wing opposition leader Nicos Anastasiades. Anastasiades is hosting later on Friday an extraordinary session of the European People\'s Party (EPP) in the southern city of Limassol. He said ahead of the meeting he would support the preliminary bailout memorandum. 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today moody\s downgrade of cyprus bond Arab Today, arab today moody\s downgrade of cyprus bond

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday