Standard & Poor's downgrades Cyprus into junk status December 21, 2012 - 16:38 AMT PanARMENIAN.Net - Ratings agency Standard & Poor's has downgraded Cyprus further into junk status amid concerns that the country could default on its debts, Belfast Telegraph reported. 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.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news The Power of One Dram to benefit Road of Life charity  The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization.Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia.Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty.Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |
