Fitch Flushes Cyprus
And that, my friends, is what is officially called junk bond status.
The reason is pretty obvious - Cyprus has massive exposure to Greek Banks and the Greek Economy. As the put it
While most of the increase in losses is associated with Cypriot banks’ Greek exposure, the reported non-performing loan ratio for domestic Cypriot loans has also risen notably over the past year as the Cypriot economy has contracted and unemployment has risen. Even assuming that Greece remains in the eurozone, Cypriot banks will have to bear significant further loan losses as the Greek economy continues to contract over the medium term as well as the deterioration in domestic asset quality
So why, apart from Schadenfreude, is this interesting? I'm glad you asked!
Guess which country is taking on the Presidency of the EU Council? As of July 1st?
Yup! You got it! Cyprus!
This, I guess, has got to be the least pleasant welcome that any of the Presidents has had ...
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