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Reports written by Alan Lawton

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.

Cyprus ranked in top 10 countries

Cyprus has moved up into the top ten countries for those seeking out investments in overseas property according to the latest ‘Top of the Props’ chart published by the TheMoveChannel.com.

Judgement day for banks approaching?

Banks do not count loans that are fully secure as being nonperforming even though they have not been serviced in 90 days. If the Troika treats such loans as nonperforming, several more billions will be needed to recapitalise them.

Construction production index plummets

Conditions in the island’s construction industry have worsened dramatically in recent times, with production in the first quarter of the year shrinking at the highest rate since records began.

Bank of Cyprus investigated by CYSEC

CYSEC has started a probe into whether the Bank of Cyprus’ management withheld information from shareholders at their recent meeting with the aim of misleading them and is also looking into issues of possible stock market manipulation.

Island under the Troika microscope

The Island will be put under the microscope by members of the Troika delegation who arrived in Cyprus yesterday for a fact-finding mission that is expected to play a crucial role in Cyprus’ EU bailout application.

Popular bank receives state bailout

Cyprus, which applied for an EU bailout last week, acquired €1.79 billion worth of shares in the island’s second-largest lender, in a previously announced move to help it meet minimum capital levels depleted by heavy exposure to debt-crippled Greece.

Fitch downgrades Island’s top three banks

Following Fitch Rating’s downgrading of the Island’s credit rating to junk on Monday, Fitch downgraded the Island’s top three banks – the Bank of Cyprus, the Cyprus Popular Bank and the Hellenic Bank earlier today.

Fitch cuts Cyprus credit rating to junk

Credit ratings agency Fitch downgraded the Island’s credit rating to “junk” status earlier today due to the amount of rescue money needed to bail out its banks, which are heavily exposed to the Greek economy.

Russia and Cyprus close to loan deal

Finance Minister Vassos Shiarly has refused to speculate on Russian media reports that Russia is close to agreeing a loan deal worth 5 billion Euros with Cyprus to prevent it seeking an EU bailout.

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