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Cyprus News Agency: News in English, 13-02-28

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] Moody`s: Cyprus elections positive for bailout agreement

  • [01] Moody`s: Cyprus elections positive for bailout agreement

    The outcome of the presidential elections in Cyprus have paved the way for an agreement on Cyprus` rescue plan, rating agency Moody`s said, noting however that the probability for a Cyprus default, remains "very high" owing to bank recapitalisation needs that we expect to push general government debt up to 150% of GDP.

    In a comment following Sunday`s presidential elections, which saw leader of the right-wing Democratic Nicos Anastasiades winning the presidency garnering 57.48% of the vote, Moody`s noted "we expect the new executive to begin talks with officials from the European Union and the IMF very quickly."

    "However, this progress does not lower the probability of default for Cyprus (Caa3 negative), which is very high owing to bank recapitalisation needs that we expect to push general government debt up to 150% of GDP, as shown in the exhibit below," the agency said.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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