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Moody’s pushes Cyprus deeper into junk status

Moody’s has downgraded Cyprus government bond ratings two notches pushing it deeper into junk status on fears that Greece will leave the Eurozone and placed the ratings on review for further possible downgrade.

Government steps in to shore up Popular Bank

The government has agreed to underwrite a 1.8 billion Euro share capital increase by the Island’s second largest bank, the Cyprus Popular Bank, to help it recapitalize and meet EU Banking Authority capital requirements.

Popular bank may need government bailout

The Cyprus government may have to pump up to 2.5 billion Euros into the Popular Bank to cover its losses resulting from the write-down on its holdings of Greek Government bonds according to newspaper reports.

Corruption in Cyprus at all levels says former minister

Cyprus’ former finance minister, Charilaos Stavrakis, has said that Cyprus is a small country and one can see that some people who entered politics poor have subsequently become very rich.

Casino revenues could help fill government coffers

The Finance Ministry has prepared a proposal for licensing a number of high-quality casinos in Cyprus, according to documents presented by the Greek-language newspaper Politis.

Cyprus Government debt reached 67.5% in Q3 2011

Government debt in Cyprus increased to 67.5% of the Island’s GDP at the end of the third quarter of 2011 according to a press release issued yesterday by Eurostat, the Statistical Office of the EU.

Could north court ruling have significance for south?

In a case that that may be significant for those living in the south of the Island, a Norwegian lady living in the occupied areas of Cyprus recently won her case against a landowner and the ‘TRNC’ Ministry of the Interior.

Cyprus: A country in denial and a scandalous political leadership

Despite frequent warnings from the market, the ECB and the Cyprus Central Bank and repeated downgrades by the credit ratings agencies, Cyprus and its political leadership remain in denial.

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.

Another Eurozone country bites the dust

What is unique about Cyprus’ collapsing housing bubble is a title deed scandal of unimaginable proportions. But now this nightmare is unravelling the finances of home buyers, developers, banks, and the government.

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