Cyprus-Forum.com

[dinos]

http://www.businessweek.com/ap/2012-06/D9V68S0G0.htm

Looks like Cyprus Popular Bank is in for a rough patch due to exposure to Greek debt. Not something we haven't already known would happen. However, what bugs me is this:

However, state coffers are running dry because Cyprus is unable to borrow from international markets after two of the world's top three credit ratings agencies downgraded the island's creditworthiness to junk status. Cyprus is relying on a Russian loan just to pay its bills this year.

For the folks on the ground, is there validity to the statement in bold?

[Kikapu]

http://www.businessweek.com/ap/2012-06/D9V68S0G0.htm

Looks like Cyprus Popular Bank is in for a rough patch due to exposure to Greek debt. Not something we haven't already known would happen. However, what bugs me is this:

However, state coffers are running dry because Cyprus is unable to borrow from international markets after two of the world's top three credit ratings agencies downgraded the island's creditworthiness to junk status. Cyprus is relying on a Russian loan just to pay its bills this year.

For the folks on the ground, is there validity to the statement in bold?

Dinos,

Few days ago, I was told by someone who knows, that Cyprus is on the hook for $20 Billions USD with the Greek junk bonds and not the $5 billions USD I was under the impression with. Cyprus really dug a big hole for themselves if they are out £20 Billions USD.