Monday November 24, 2014 Search
Weather | Athens
14o C
10o 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)  
Lack of EU funding puts future of Panepistimiou, Faliro revamp projects in doubt
Euro near 2-yr low as investors bet on more ECB easing
EU said to plan 21 billion-euro risk-sharing fund for investment
Countdown to missed opportunity for EU economy
Prosecutor recommends 64 suspects should be tried over OTEs Siemens contract
More than 60 people should be charged in connection to the Siemens cash-for-contracts scandal, a prosecutor has recommended to a council of judges who will make the final decision. Deputy pr...
Syrian refugees go on hunger strike in front of Greek Parliament
Some 200 Syrian refugees protesting in front of Greek Parliament for the last six days went on hunger strike on Monday. The protesters have taped shut their mouths as they demand asylum and ...
Inside News
BASKETBALL
Olympiakos ends PAOKs unbeaten run in Basket League
Olympiakos put an end to PAOKs unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Prosecutor recommends 64 suspects should be tried over OTEs Siemens contract
2. Lack of EU funding puts future of Panepistimiou, Faliro revamp projects in doubt
3. Syrian refugees go on hunger strike in front of Greek Parliament
4. Euro near 2-yr low as investors bet on more ECB easing
5. Greek officials to meek troika chiefs in Paris to break review stalemate
6. Independent Greeks vote to oppose coalitions presidential candidate
more news
Today
This Week
1. Scientists expand excavation of ancient Amphipolis
2. EU said to plan 21 billion-euro risk-sharing fund for investment
3. Countdown to missed opportunity for EU economy
4. Biden informs Anastasiades about content of talks with Erdogan
5. Greek officials to meek troika chiefs in Paris to break review stalemate
6. Police seek to name man who opened fire with AK47 at Piraeus bar
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Give Greece a chance
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.