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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.

Have property prices reached rock bottom?

Residential property prices across the Island have been falling for some time. Have they reached rock-bottom? is there an upturn on the way? What do the price figures from RICS reveal?

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.

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.

Development of Larnaca airport hits problems

A meeting will take place today to view a number of snags relating to the plan to transform the old Larnaca airport into a commercial centre by the Chinese company Far Eastern Phoenix.

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.

Bailout request before end of month

It seems incredible that the Island’s government could be going cap in hand to the EU for a bailout before the end of the month, when just a few years ago it told us that we were immune from the world’s economic woes.

Decision over gas terminal final

The Minister for Commerce Industry and Tourism, Neoclis Sylikiotis has announced that decisions concerning a liquid natural gas terminal have been made and that negotiations will start in the near future.

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.

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