Saturday March 28, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
S&P warns risk of Cyprus default 'material and rising'

Cyprus faces a "material and rising risk" of defaulting on its sovereign debt, especially if the eurozone and International Monetary Fund do not come up with aid, rating agency Standard & Poor's said on Wednesday.

Crippled by its exposure to Greece, Cyprus needs 17 billion euros ($23 billion) from the eurozone to recapitalize its banks and to finance the government over the next three years.

S&P's comments come as the island gears up for a runoff presidential election on Sunday pitting a conservative in favor of a swift bailout deal against a Communist-backed candidate who supports a bailout but with fewer harsh austerity measures.

"We see at least a one-in-three chance that we could lower the Cyprus sovereign ratings again in 2013, for example if official financial assistance from the (European bailout fund) ESM and/or IMF is not forthcoming, leaving the Cypriot authorities few choices apart from to restructure its financial obligations," S&P's head of EMEA sovereign ratings Moritz Kraemer said in a report.

"We could also lower the ratings if we believe the (Cypriot) authorities are not able to fulfill the conditions that would be attached to an official assistance program."

S&P currently rates Cyprus at CCC+, well into non-investment grade "junk" bond territory, with a negative outlook.

Cyprus asked for international aid eight months ago after its banks suffered huge losses on exposure to a restructuring of Greek sovereign debt and due to difficulties in accessing international capital markets shut to it because of fiscal slippage since mid-2011. [Reuters]

ekathimerini.com , Wednesday February 20, 2013 (14:28)  
Fitch downgrades Greece amid bailout uncertainty
Bank accounts continue to bleed
Hania and Athens are the top picks for Easter visitors
Landlords to pay tax on unpaid rent
Five arrested over debts to the state
Police in Iraklio, Crete, on Saturday arrested a 63-year-old man over debts to the state of 11 million euros. Authorities also announced the detention over the weekend of another four men, a...
Two injured as freight train derails in Thessaloniki
Two train drivers suffered minor injuries on Saturday after a freight train traveling from Thessaloniki to Hungary came off the tracks in the area of Gefyra in the northern port city. Both d...
Inside News
BASKETBALL
Greens live dangerously in Istanbul
Panathinaikos played with fire in Istanbul, but still managed to beat Galatasaray 86-84 on Friday and climb to the third sport of its group two games before the end of the Euroleague top-16....
SOCCER
Greek federation backs injured Holebas
The Greek soccer federation on Friday insisted that international defender Jose Holebas had been dropped from team training in Austria because of injury and not for any other reason. Media r...
Inside Sports
COMMENTARY
Lets change the subject
Lets talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. Its better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Five arrested over debts to the state
2. Two injured as freight train derails in Thessaloniki
3. Fitch downgrades Greece amid bailout uncertainty
4. Greens live dangerously in Istanbul
5. Bank accounts continue to bleed
6. Hania and Athens are the top picks for Easter visitors
more news
Today
This Week
1. Fitch downgrades Greece amid bailout uncertainty
2. Let's change the subject
3. Too little, too late?
4. Two injured as freight train derails in Thessaloniki
5. Greek future as trade hub in limbo amid Syriza split on railways
6. Greek gov't denies finance minister Varoufakis to resign [Update]
Today
This Week
1. Next Monday is D-Day for state funds
2. EU asks Greece for more reforms to speed talks on bailout
3. PM faces Merkel amid race to detail reforms
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Looking at the Chinese model
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.