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Reports written by Alan Lawton

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.

Cyprus seeking help from Russia and China

Deputy Europe Minister Andreas Mavroyiannis said that Cyprus could seek help from Russia and China in efforts to secure 1.8 billion Euro to recapitalise the Popular Bank and it could need as much as 4 billion Euro.

Two Cypriot banks downgraded by Moody’s

Moody’s Investor Services had downgraded the Bank of Cyprus and the Hellenic Bank and has rated them and the Cyprus Popular Bank on review for downgrade as a result of their extensive operations in Greece.

Cyprus moves up three places in Top of the Props chart

The popularity of Cyprus for those seeking out investments in overseas property moved up three places in March according to the latest ‘Top of the Props’ chart published by the TheMoveChannel.com

Depressing outlook for Cyprus’ economy

The European Commission’s interim report on the Cyprus economy paints a gloomy picture for the future resulting from a number of factors including a worsening of the external environment.

Cyprus economy has yet to hit bottom say economists

A panel of economists from the University of Cyprus’ Economic Research Unit believe that the present state of the global economy and the uncertain future of the Euro area have dramatically increased the risks for the Cyprus economy.

Fitch downgrades covered bonds of two Cyprus banks

The covered bonds of the Bank of Cyprus and the Marfin Popular Bank have been downgraded by Fitch Ratings following the downgrade of Cyprus’ sovereign rating and the subsequent downgrades of Marfin and BoC’s’ Long-Term Issuer Default Ratings.

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.

Fitch downgrades three Cypriot banks

Fitch Ratings has downgraded three Cypriot banks by one notch saying that finding private capital to cover their capital needs until June will be “difficult”. Fitch downgraded the three banks to BB+ from BBB- with negative outlook.

Cyprus one of five Eurozone nations cut by Fitch

Following its warning a week ago, Fitch cut the sovereign credit ratings of Cyprus and five other Eurozone nations yesterday, indicating there was 50 percent chance of further cuts in the next two years.

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