2012-10-13 18:43:37

Cypriot government under bailout pressure


(Vatican Radio) The Cypriot government has been urged to speed up bail out talks with the troika, which have been ongoing since June. Cyprus, its banks hammered by last year’s European decision to write down Greek debt, has also sounded out Russia for a loan, potentially as a ploy to extract a better deal from European governments.
Moody’s Investors Service heightened the pressure on the tiny island earlier this week by downgrading Cyprus’s bond rating to B3 from Ba3.
European Commission President Jose Manual Barroso has also called for a speedy conclusion of negotiations the bailout.

Cyprus applied for financial assistance in a bid to rescue its banks and to secure the government’s fiscal needs in June. Listen to Nathan Morley's report RealAudioMP3











All the contents on this site are copyrighted ©.