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Moody’s issued a stable credit outlook for Cyprus assigning an A2 rating for government bonds due to a “relatively robust GDP growth, low inflation and unemployment. Despite the relatively high level of public debt, this does not affect the government’s bond ratings or the country ceiling for long-term foreign currency banks deposits,” the rating agency said. Moody’s forecast that public sector deficit will reach 2.1% of GDP in 2006 and 2% in 2007, with public debt at 69.1% and 67.8% of GDP.
Louis Plc is taking delivery of the 850-passenger Orient Queen for $22 mln to cater to the growing Greek market. The vessel was hired by
Louis cruises ahead:
the US Dept. of Defence to evacuate several thousand Americans from Beirut last July. Earlier this year Louis also bought the refurbished Birka Princess from Finland for $35 mln and renamed Sea Diamond.
Hoteliers gave in to trade union demands and biased mediation from the Labour Ministry to avoid further crippling strikes in the vital tourism sector. Already, two strikes have been averted as unions demand improvement of the 14th salary, extended medical insurance and more holidays rewarded by double overtime.