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All reports tagged with: "austerity measures"

Risk of Cyprus default “material and rising”

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

EU bailout request by end of June

As Cyprus scrambles to announce a new package of austerity measures, some pundits predict that a request for a bailout from the EFSF may be imminent saying this could happen by the end of June.

EU congratulates Cyprus on measures

European Commissioner for Economic and Monetary Affairs Olli Rehn and President of the European Central Bank Mario Draghi have congratulated Cyprus on the tough decisions and the austerity measures it has adopted to achieve fiscal consolidation.

Governor warns Cyprus is at the edge of the precipice

The Governor of the Island’s Central Bank has warned that Cyprus is at the edge of the precipice and has called on the government and parliament to work together to overcome opposition from the unions to proposed austerity measures.

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