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All reports tagged with: "budget deficit"

Moody’s places Cyprus on review for downgrade

Ratings agency Moody’s has placed Cyprus on review for a possible downgrade citing the slow pace of negotiations with the Troika and evidence that the Cyprus budget deficit will be significantly larger than expected.

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.

Cypriot economy faces substantial risks

The International Monetary Fund has warned Cyprus that it must take swift action to shore up its economy, saying it faces strong head winds and substantial downside risks that are likely to persist.

Tax hikes to cut budget deficit

The Cyprus Finance Ministry has proposed taxes on banks, companies, properties and basic consumer goods to plug a €150 million hole and keep the budget deficit for 2011 within the limits set by the European Union.

Situation is critical says Cyprus Central Bank governor

Long term reforms are urgently needed to buffer the critical economic problems plaguing the island, the governor of the Cyprus Central Bank said yesterday.

Dark days ahead for Cyprus

Businesses and households in Cyprus are facing the most difficult three years in the last thirty, according to the autumn forecasts released yesterday by the European Commission in Brussels.

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