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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ Fitch warns on Greek euro exit ]

Fitch warns on Greek euro exit

CREDIT rating agency Fitch put the whole of the eurozone on notice yesterday that were Greece to leave the currency bloc as a result of its current crisis, the remaining countries could find their sovereign ratings at risk. Fitch mentioned Cyprus in particular. 

It said it was likely to put all euro area ratings on negative watch if Greece were to leave and that those countries which currently have a negative outlook on their ratings would be at most immediate risk of a downgrade.

It said those countries were France, Italy, Spain, Cyprus  Ireland, Portugal, Slovenia and Belgium.

"In the event of Greece leaving (the euro), either as a result of the current political crisis or at a later date as the economy fails to stabilise, Fitch would likely place the sovereign ratings of all the remaining euro area member states on Rating Watch Negative as it re-assessed the systemic and country-specific implications of a Greek exit," Fitch said in a statement.

The agency, whose decisions along with those of Moody's and Standard & Poor's help set the cost of borrowing by governments, said the extent of any downgrades would depend on how the euro zone reacted to Greece leaving.

"The probability and magnitude ... would largely depend on the European policy response and its success in limiting contagion, as well as outlining a credible vision of a reformed (euro zone)," it said.

"Nonetheless, the sovereign ratings of all euro zone member states would potentially be at risk," Fitch said.

 



(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.



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