Cyprus downgraded to junk status

Cyprus downgraded to junk status

Ratings agency Standard & Poor’s has downgraded Cyprus further into junk status amid concerns that the country could default on its debts.

It said the two-notch downgrade to CCC+ is due to a “considerable and rising” risk that the country, one of the 17 EU countries that uses the euro, may default.

It also maintains its negative outlook on the country, meaning further downgrades are possible.

S&P said it went ahead with the downgrade because the Cypriot government is running out of money while uncertainty remains over the terms of a bailout it is trying to negotiate with international lenders to salvage its banks that are heavily exposed to debt-crushed Greece.

More in this Section

ACCA: Ireland can lead fight against financial crimeACCA: Ireland can lead fight against financial crime

UK extends employment boom with 32.9m people at workUK extends employment boom with 32.9m people at work

Samsung wins key 5G chip contractSamsung wins key 5G chip contract

An Bord Pleanála deals blow in 'fast track' planning casesAn Bord Pleanála deals blow in 'fast track' planning cases


Lifestyle

THE number of children with mental health issues presenting to the paediatric emergency department in Temple Street has increased dramatically, according to a study by Dr Eoin Fitzgerald.Learning Points: Light at the end of the tunnel for mental health?

Cooking in the MasterChef kitchen is just as scary as you’d imagine, writes Georgia Humphreys.Sweet 16 as Masterchef returns

Martin Hayes doesn’t like to stand still. The fiddle virtuoso from East Clare has made it a hallmark of his career to seek out creative ideas from beyond his musical tradition.Martin Hayes: Breaking new ground

At this point, if we are talking about a collective consciousness and how to move forward, lets go back to basics and talk about what we teach our children and what we were taught ourselves, writes Alison Curtis.Mum's the Word: Children remind us, in a world where we can be anything, be kind

More From The Irish Examiner