The rating agency Standard & Poor’s downgraded the credit rating of Cyprus on Thursday from BB + to BB, warning that while there is a large possibility of reducing that level even further in the near future.
In June Cyprus requested from the euro zone partners financial support. Initially, the government only spoke about the need for recapitalization of its two major commercial banks (Bank of Cyprus and Marfin Popular Bank). However, it soon became apparent that the financial crisis on the island is much bigger, and any loan package from the EU will have to take into account the growing deficit. The agency estimates, that currently holding the EU presidency Cyprus in order to avoid bankruptcy – must get help from partners in the euro area.
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