Sunday

24th Jul 2016

Ticker

Moody's downgrades Cyprus banks

Moody's ratings agency on Friday further downgraded into 'junk' territory the Bank of Cyprus, Laiki Bank, the Hellenic Bank and the Russian Commercial Bank, citing its expectation that depositors will be hit as part of an EU-IMF bailout, capital controls being imposed and "heightened uncertainty" regarding the banks' recapitalisation plans.

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