Thursday December 18, 2014 Search
Weather | Athens
17o 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)  
Election looms as Samaras fails to win vote for president
Stores will open on Dec 28, but traders arent too happy about it
More Britons and Americans eyeing Greece for vacations
Vodafone and Wind to bid for Forthnet
Universities ask state to reverse mobility scheme
Rectors representing the countrys largest universities on Wednesday appealed to the government to take immediate action to relieve operational problems at the institutions that have been ca...
Thessaloniki metro off track again
The troubled project to construct a metro system in Thessaloniki, which is already several years behind schedule, could be set for another blow as the consortium building the underground tra...
Inside News
BASKETBALL
Pappas helps Greens overcome Aris
An impressive Nikos Pappas averted an upset by Aris and ensured Panathinaikos retained its perfect record on Tuesday, one day after Olympiakos thrashed Panionios at Nea Smyrni for the Basket...
Wee Jay and idol Georgios Samaras receive Greek sports journalists award at Athens gala
A 10-year-old Irish fan of Greek striker Georgios Samaras was in Athens on Monday at the invitation of the Greek Sports Journalists' Association, which honored outstanding achievements in sp...
Inside Sports
COMMENTARY
Europes drama in Greece needs final act to avoid tragedy
Judging from Wednesday's vote in the Greek parliament, Prime Minister Antonis Samaras may not get the mandate he wants to keep economic austerity measures in place and avoid defaulting on th...
COMMENTARY
A pointless battle
The public closely watched the first act in the three-part drama of Parliaments election of a new president yesterday. The result was below the expectations of the New Democracy-PASOK coali...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Election looms as Samaras fails to win vote for president
2. Stores will open on Dec 28, but traders arent too happy about it
3. More Britons and Americans eyeing Greece for vacations
4. Vodafone and Wind to bid for Forthnet
5. Credit line conditions laid out
6. Bourse index recovers some lost ground
more news
Today
This Week
1. Election looms as Samaras fails to win vote for president
2. Europe's drama in Greece needs final act to avoid tragedy
3. High stakes
4. Leftist SYRIZA leading ND by 3.2 pct, survey shows
5. The secret is out
6. Poll gives SYRIZA clear lead
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. East Europe scrambles for energy after Putin kills South Stream
6. Anarchist Nikos Romanos ends hunger strike
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.