S&P sees ris­ing risk of Cypriot de­fault

Kathimerini English - - Front Page -

LON­DON (Reuters) – Cyprus faces a “ma­te­rial and ris­ing risk” of de­fault­ing on its sov­er­eign debt, es­pe­cially if the eu­ro­zone and In­ter­na­tional Mon­e­tary Fund do not come up with aid, rat­ing agency Stan­dard & Poor’s said yes­ter­day. Crip­pled by its ex­po­sure to Greece, Cyprus needs 17 bil­lion eu­ros from the eu­ro­zone to re­cap­i­tal­ize its banks and to fi­nance the government over the next three years. S&P’s com­ments come as the is­land gears up for a runoff pres­i­den­tial elec­tion on Sun­day pit­ting a con­ser­va­tive in

Listed toy and home­ware re­tailer Jumbo said yes­ter­day its group sales had grown 0.8 per­cent to 295.39 mil­lion eu­ros in the July-De­cem­ber 2012 pe­riod. How­ever it added that group prof­its had dropped 2.29 per­cent to 56.45 mil­lion eu­ros on an an­nual ba­sis. The sales in­crease is at­trib­uted to the rise in turnover in Bul­garia.

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