Wednesday April 23, 2014 Search
Weather | Athens
23o C
15o 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)  
Greece sees 2013 primary budget surplus at 1.5 bln euros, says deputy finance minister
Greek debt swells again as Samaras looks to creditors for relief
Corfu property market puts up resistance to pressures
Major tourism promotion at travel fair in Latin America
Tunisian sought over employment scam
Police in Thessaloniki were seeking on Wednesday a Tunisian national over an alleged employment scam. The 59-year-old suspect is believed to have charged 102 people seeking employment over 6...
FBI seeks to identify victims of suspected US child molester who worked abroad, including Greece
U.S. authorities have asked the public to help identify as many as 90 possible victims of a suspected child predator who worked at American and other international schools in at least nine c...
Inside News
BASKETBALL
Reds and Greens stay alive in Euroleague
Easter and home advantage worked wonders for Panathinaikos and Olympiakos who stayed alive in the Euroleague play-offs beating CSKA and Real Madrid respectively on Monday in Greece. Shak...
BASKETBALL
Greens lose badly as CSKA Moscow
Panathinaikos has a mountain to climb in order to reach the Final Four of the Euroleague after losing at CSKA Moscow on Friday for a second time in two days, only this time it was comprehens...
Inside Sports
COMMENTARY
Realitys other side
There is plenty of evidence pointing to the fact that the countrys real economy has hit rock bottom and is currently entering a phase of growth. Those who know the market well tend to suppo...
EDITORIAL
Enough barbarity
The events that took place on Santorini on Holy Saturday, when seven people were injured, including an American tourist who sustained life-threatening injuries, after a firecracker was throw...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greece sees 2013 primary budget surplus at 1.5 bln euros, says deputy finance minister
2. Greek debt swells again as Samaras looks to creditors for relief
3. Tunisian sought over employment scam
4. FBI seeks to identify victims of suspected US child molester who worked abroad, including Greece
5. Corfu property market puts up resistance to pressures
6. Major tourism promotion at travel fair in Latin America
more news
Today
This Week
1. FBI seeks to identify victims of suspected US child molester who worked abroad, including Greece
2. Tunisian sought over employment scam
3. Greek debt swells again as Samaras looks to creditors for relief
4. Greece sees 2013 primary budget surplus at 1.5 bln euros, says deputy finance minister
5. Three more arrests made on Santorini over Easter injuries [Update]
6. PM Samaras sees Greek bond yields falling more
Today
This Week
1. Greece's market return mirrors return of tourists
2. Greece startup leaders say they cant break jobless cycle alone
3. Ground-breaking Good Friday mass signals thaw in Cyprus
4. Mayoral candidates clash over Athens mosque plans
5. Government looks to kick on
6. Greece offers to help find Turkish F-16 lost in 1996
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.