Author Archives: Poly Pantelidou

Archives July 27, 2011 posted by Poly Pantelidou

Moody’s downgrades Cyprus two notches to Baa1 with a negative outlook

 

Moody’s ratings agency today downgraded Cyprus’ government bond ratings to Baa1 from A2 on concerns over the island’s fiscal position, amplified by the destruction of the Vassilikos power plant on July 11.

The outlook is now negative, Moody’s said.

The ratings agency has also downgraded Cyprus’s short-term rating to P-2 from P-1.

“Although the government has recently announced a range of structural measures intended to improve fiscal sustainability, the positive impact of those measures for the next few years will be reduced by the plant’s destruction,” Moody’s said. “This incident has caused material disruption to the Cypriot medium-term economic and fiscal position.”

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Archives July 27, 2011 posted by Poly Pantelidou

Our View: Parties must take our finances into their own hands

IN YESTERDAY’S editorial about the meeting that was supposed to have finalised the measures aimed at dealing with public finances, we asked the following question: Is the government ready to deal with disruptive work practices and strikes or will it retreat, as it has done in the past, as soon as the union bosses threaten action?

The answer was given at yesterday’s meeting on the economy at which the retreat we were afraid of was made evident. A few angry words and veiled threats by the PASYDY boss, Glafcos Hadjipetrou on television and radio, and a two-hour work stoppage at a semi-governmental organisation that was set to be abolished, forced the cowardly president to go back on what had been agreed at Friday’s national council meeting.

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