Stock Market / Finance in Cyprus
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CYPRUS, 2017/04/10
Cyprus' trade deficit for February widened from a year ago, figures from the statistical service showed Monday.
The trade gap widened to EUR 273.01 million from EUR 241.69 million in the same month last year.
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CYPRUS, 2015/09/29
Standard and Poor's Rating Services (S&P) raised the long-term foreign and local currency sovereign credit ratings of bailed-out Cyprus to "BB-" from "B+" with a positive outlook on Friday, citing economic stability and the removal of capital controls.
S&P said the positive outlook means that it could raise the ratings in the next 12 months if there is economic increase and further stabilization of the financial sector, and a reduction of the government deficit.
Cyprus was pulled back from the brink of economic meltdown in March 2013, in a three-year 10-billion-euro (11.2 billion U.S. dollars) economic adjustment program.
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CYPRUS, 2013/07/03
Fitch Ratings has downgraded Cyprus' long-term local currency Issuer Default Rating (IDR) to 'Restricted Default' from 'CCC', following confirmation from the Cypriot government that the exchange of a number of domestic law government bonds has been completed.
According to Fitch, as Famagusta Gazette reported, the exchange constitutes a distressed deficit exchange (DDE). It is added that Fitch has downgraded only the affected domestic bonds to 'D' from 'CCC', and affirmed the rest at 'CCC'.
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CYPRUS, 2013/04/05
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today on Cyprus:
“A staff team of the International Monetary Fund has reached staff level agreement with the Cypriot authorities on an economic program that will be supported by the IMF jointly with the European Union and the European Central Bank.
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CYPRUS, 2013/04/03
The Cyprus finance minister quit on Tuesday as a formal investigation began into the events leading to the country's €10bn bailout, under which savers are taking a financial hit in a prime for the eurozone. As Michael Sarris resigned he said his previous role as chairman of Laiki, the country's second major bank which is being wound down, was likely to be subject to scrutiny.
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CYPRUS, 2013/03/24
The banks of Cyprus could any minute at this time face bankruptcy, dragging the rest of the country with them. But how did it come to this, and what means of rescue could the Cyprus government still reach for?
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CYPRUS, 2013/03/17
Cypriots have rushed to local banks to drain their accounts following a bailout agreement that includes a tax on bank deposits. Cooperative banks have shut their doors in response to the rush.
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CYPRUS, 2012/12/24
Cyprus has one of Europe's highest ratios of household debt - a growing number of families are now facing bankruptcy.
With its population of 800,000, Cyprus has long seemed too small to cause the EU any serious economic headaches. But now it's amassed debts worth billions and earlier this year, requested a bail-out.
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CYPRUS, 2012/12/24
Struggling eurozone member Cyprus has been ranked two notches lower at CCC+ near junk status by the rating agency Standard and Poors. Germany says it can help - but only if Nicosia adopts a "real" austerity budget.
The agency S&P said it saw a "considerable and rising" risk that Cyprus could default on its sovereign debt. It cited recessionary trends on the Mediterranean island and its exposure via Greek banks to Greece's crushing debt crisis.
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CYPRUS, 2012/12/22
Standard and Poor's slashed Cyprus' credit rating Thursday by notches to CCC+, saying the eurozone member was facing increasing financial pressure, with bailout negotiations still unfinished.
"With the government's financing options increasingly limited -- coupled with what we view as the hesitant attitude of Cyprus' eurozone partners toward sharing the cost of a severe banking crisis -- we view the risk of a sovereign debt default as considerable and rising," the ratings agency said.
