http://www.cbsnews.com/8301-505123_162- ... ult-fears/
"With the government's financing options increasingly limited -- coupled with what we view as the hesitant attitude of Cyprus' eurozone partners toward sharing the cost of a severe banking crisis -- we view the risk of a sovereign debt default as considerable and rising," S&P said.
Germany's Foreign Minister Guido Westerwelle said Friday that there are "appropriate aid mechanisms" for Cyprus, but that the country must first make "serious reforms" and achieve "real budget savings."
time for some decisive moves to assure eu lenders the island is completely serious about reforms....