Degradation expected according to Stefanou

The downgrade was expected, especially after the Eurozone decision on the well-known 'haircut' of Greek bonds, and given the relationship between the Cypriot banking system and especially Cypriot banks with the Greek economy, according to Government Spokesman Stefanos Stefanou … In his statements at the Presidential Palace and invited to comment on the issue of the downgrading of the Cypriot economy by the Moody's Rating House, Mr. Stefanou added that “after all, from the first moment that the various rating agencies had started the downgrading "always cited the exposure of Cypriot banks to the Greek economy".

He also continued, “The Government in cooperation with the Central Bank of Cyprus, which according to the European Directives has the supervisory role of banks, takes measures to support the banking system of Cyprus, so that it can respond as much as possible to possible problems that it may face due to the developments in the Greek economy ”. Source: KYPE