NICOSIA, Jan 30 (Reuters) – Debt-hobbled Cyprus limped
closer to an international financial bailout on Wednesday,
saying it had won Russian assurances that Moscow would join in
international efforts to salvage the island’s finances.
The Mediterranean nation, one of the euro zone’s smallest
economies, applied for aid from the European Union and the
International Monetary Fund last June.
NICOSIA, Jan 24 (Reuters) – Cyprus licenced Italy’s ENI
and South Korea’s Kogas for offshore gas
exploration on Thursday, in a boon to an economy in line for an
international bailout because of its exposure to debt-crippled
The island, which discovered natural gas at sea in Dec.
2011, issued licences covering three offshore areas lying south
and south-east of Cyprus to a consortium made up of both firms.
LIMASSOL, Cyprus/BERLIN (Reuters) – Cash-starved Cyprus set its hopes on securing a bailout that looked uncertain on Friday after a savage ratings downgrade from credit agency Moody’s dumped further economic misery on the island.
Moody’s cut Cyprus by three notches overnight, forecasting its debt pile was set to rise and with an increasing likelihood of default because of the capital needs of its banks, burnt by their exposure to indebted Greece.
NICOSIA (Reuters) – The frontrunner in Cyprus’s presidential race promised on Thursday to back the terms of a bailout deal with international lenders, as the euro zone minnow suffered more setbacks in its bid to secure badly needed financial aid.
Cyprus is seeking cash support which could potentially reach 17 billion euros – matching its annual economic output – after its banks booked massive exposure to Greece and fiscal slippage shut it out of international capital markets.
NICOSIA (Reuters) – The frontrunner in Cypriot presidential elections promised on Thursday to back terms of a bailout deal with international lenders, but said privatisations would not be a priority for his administration.
Cyprus is seeking financial aid which could potentially reach 17 billion euros, equivalent to the annual output of its economy, after its banks booked massive exposure to Greece, and fiscal slippage shut it out of international capital markets.
NICOSIA (Reuters) – Cyprus dismissed as unfounded on Thursday any suggestion the IMF is seeking a writedown of the island’s debt before it agrees to participate in a multi-billion euro bailout.
Finance Minister Vassos Shiarly was responding to a German media report that the International Monetary Fund had advocated a haircut on Cypriot bonds as a condition for IMF participation in an aid program for the euro zone member, which is heavily exposed to debt-crippled Greece.
NICOSIA, Dec 12 (Reuters) – Financial aid for Cyprus could
push its debt to 140 percent of its national output unless the
EU’s permanent bailout mechanism assumes some of the burden, the
island’s central bank governor said on Wednesday.
Panicos Demetriades, also a member of the Governing Council
of the ECB, said lowering the debt level was possible if the
European Stability Mechanism took over some of the debt. That
prospect, he said, was contingent on agreement on an EU banking
NICOSIA (Reuters) – Cyprus could agree a bailout deal with euro zone ministers by mid-December and get a first tranche of funds to shore up its banks by the end of January, its finance minister said on Thursday.
The island, whose banks are heavily exposed to debt-crippled Greece, has been discussing aid conditions with the IMF and EU institutions since June. It could need up to 17.5 billion euros ($22.6 billion), equal to its entire annual economic output.
NICOSIA, Nov 9 (Reuters) – Cyprus launched a last-ditch bid
with potential lenders on Friday to get financial aid needed
before coffers in the tiny euro zone economy start running dry.
Battered by its exposure to debt-crippled Greece, Cyprus
sought a full bailout from the EU and the IMF in June to buffer
its banks and plug widening deficits after attempts to secure a
credit line from Russia failed.
NICOSIA, Nov 2 (Reuters) – Cyprus remains at odds with
international lenders over privatisations and automatic wage
hikes, its finance minister said on Friday, but is optimistic
that a bailout deal will be brokered soon.
Vassos Shiarly said there were also differences with the
European Central Bank, International Monetary Fund and European
Commission – the troika – on recapitalisation needs of the
island’s Greek-exposed banks.