Bloomberg News

Cyprus Says Taking Action on Economy as S&P Cuts Credit Rating

October 27, 2011

Oct. 27 (Bloomberg) -- Cyprus’s Finance Ministry said it was aware of the challenges facing the economy and moving quickly to take all necessary measures after ratings company Standard & Poor’s downgraded the country’s credit rating.

“The government plans to move immediately and decisively to take all the necessary measures both to achieve fiscal reform and to deal with the challenges facing the banking system,” according to an e-mailed statement from the Nicosia-based ministry today.

To contact the editor responsible for this story: Maria Petrakis at

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