Halfway saved
A different type of bailout : only €10bn of the €17bn needed. The island’s future includes the gas fields off its southern shores and there has been talk of reunification between the Turkish north and Greek south. But everything hinges on relations between Ankara and the EU.
The latest warning signal came in June, when Fitch downgraded Cyprus’s local currency from ‘B’ to ‘B- with negative outlook’. According to the global credit ratings agency, the downgrade “reflects the elevated uncertainty around the outlook” of the Mediterranean country’s economy. The same doubts had been expressed two weeks earlier by the International Monetary Fund (IMF), in a report that predicted a deep recession in Cyprus in coming years “substantial risks still loom for the Cypriot economy”.
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A different type of bailout : only €10bn of the €17bn needed. The island’s future includes the gas fields off its southern shores and there has been talk of reunification between the Turkish north and Greek south. But everything hinges on relations between Ankara and the EU.
The latest warning signal came in June, when Fitch downgraded Cyprus’s local currency from ‘B’ to ‘B- with negative outlook’. According to the global credit ratings agency, the downgrade “reflects the elevated uncertainty around the outlook” of the Mediterranean country’s economy. The same doubts had been expressed two weeks earlier by the International Monetary Fund (IMF), in a report that predicted a deep recession in Cyprus in coming years “substantial risks still loom for the Cypriot economy”.
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