Cyprus to get €17.5B bailout from Troika soon

FXstreet.com (Barcelona) - Cyprus Finance Minister Vassos Shiarly said the amount should be around €17.5B, but talks with Troika are still ongoing and the final bailout figure will only be known after Pimco bank report. President Christofias had already announced the imminent agreement: “After tough negotiations with the troika... we are very close to signing a memorandum”.

Yesterday, Fitch Ratings downgraded Cyprus credit rating by two notches down to “junk” status, “BB-”, in reaction to its weaker macroeconomic outlook. “The downgrade of Cyprus's sovereign ratings reflects the materially weaker macroeconomic outlook, a fiscal budget that has significantly underperformed expectations and the continued high level of uncertainty over the costs associated with bank recapitalization," Fitch said. The 2013 deficit is expected to be around 4.4% of GDP.

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