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cyprus downgrade

S&P's Cuts Cyprus Sovereign Credit One Notch to BBB

standard&poors cyprusStandard & Poor's Rating Services has cut Cyprus' long-term sovereign credit rating by one notch to BBB from BBB+ and the short-term rating to A-3 from A-2.

The main reasons for the downgrade are the island's exposure to Greek debt and the potential for a further devaluation of Greece's sovereign bonds.

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Poll

Will Greece's Cycle of Debt and Crisis Be Broken By the New Eurozone Deal?
Yes, now the country can grow and get out of crisis
15%
No, Greece's economy is not efficient
61%
Maybe, if the reforms are implemented
24%
Total votes: 80