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Cyprus News Agency: News in English, 13-06-30

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

  • [01] Average monthly earnings in Cyprus decrease in 1st quarter of 2013
  • [02] Fitch downgrades Cyprus to "Restricted Default"
  • [03] IAO members sign anniversary declaration

    • [01] Average monthly earnings in Cyprus decrease in 1st quarter of 2013

    A decrease of 0,6% was recorded in the average monthly earnings of employees (males -0,9% and females 0,2%) during the first quarter of 2013 compared with the corresponding period last year.

    The corresponding percentage change observed during the first quarter of 2012 was 1,9%.

    According to the preliminary estimations of the Statistical Service, the average gross monthly earnings of employees during the first quarter of 2013 amounted to €1.880 (males €2.031 and females €1.702).

    [02] Fitch downgrades Cyprus to "Restricted Default"

    Fitch Ratings has downgraded Cyprus' long-term local currency Issuer Default Rating (IDR) to "Restricted Default" from "CCC", following confirmation from the Cypriot government that the exchange of a number of domestic law government bonds has been completed. According to Fitch, the exchange constitutes a distressed debt exchange (DDE).

    It is added that Fitch has downgraded only the affected domestic bonds to "D" from "CCC", and affirmed the rest at "CCC".

    It is added moreover that under the exchange, domestic law bonds of 1 bln euros, that are due to expire within the EU-IMF programm period, will be replaced by new bonds with the same coupon rates but with the maturity dates of the new securities extended to outside the programme period.

    [03] IAO members sign anniversary declaration

    Members of the Inter-parliamentary Assembly on Orthodoxy (IAO), including Cyprus, signed on Saturday an anniversary declaration, during IAO's 20th Anniversary General Assembly on �Parliamentary Democracy - Christianity - Orthodoxy: values and concepts� held in Athens June 27-29.

    The Cyprus House of Representatives was represented at the Assembly by a delegation comprising MPs Lefteris Christoforou, Angelos Votsis and Giorgos Varnava. Head of the delegation Lefteris Christoforou signed the declaration on behalf of House President Yiannakis Omirou.

    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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