Fitch cuts Cyprus sovereign credit grade to junk statusJune 25, 2012 - 14:05 AMT PanARMENIAN.Net - Fitch ratings agency says it has downgraded Cyprus' sovereign credit grade to junk status, citing a rise in the amount of rescue money needed by its banks, which are heavily exposed to Greece, the Associated Press reported. The agency lowered the eurozone country's rating by one notch to BB+ from BBB- and kept a negative outlook, which means more downgrades are possible in coming months. Cyprus is expected to ask for foreign aid to rescue its banks, either from its fellow eurozone nations or from Russia. The banks were big holders of Greek sovereign bonds whose value was written down sharply this year. In a statement, Fitch says "its estimates of the losses and capital needs of Cypriot banks are subject to considerable uncertainty." Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | About 173 million drams and more than 30 beneficiary funds. "The Power of One Dram" is 4 years old In June 2020, the exclusive joint corporate social responsibility initiative of Idram and IDBank "The Power of One Dram" was launched. Aliyev travels to Turkey at Erdogan's invitation On June 10, Azerbaijani President of Azerbaijan Ilham Aliyev will leave for Turkey on a working visit. CSTO budget “to be adjusted due to Yerevan’s non-payment of contributions” The CSTO budget for the current year requires adjustments due to the refusal of Yerevan to pay their share of contributions. Russia sends note of protest to Armenia over envoy’s trip to Ukraine’s Bucha Russia has sent a note of protest to Armenia over the visit of Vladimir Karapetyan and Tigran Ter-Margaryan to Bucha. |