poiuytrewq0987
07-29-2011, 08:38 AM
The decision came after strong criticism in the wake of a deadly explosion at a military depot earlier this month, when 13 people died, while the country's largest power plant suffered considerable damage.
A cabinet spokesman said that President Dimitris Christofias ordered his government to resign.
Greek Ekathimerini newspaper reports that the prospects for the Cypriot economy had "nosedived since the July 11 explosion".
The power plant damage could cost Cyprus 14 percent of its GDP, economists were quoted as saying.
In its announcement of a downgrading of Cypriot bonds on Wednesday, Moody’s rating agency said there was material risk that losses on Greek debt holdings will force Cypriot banks to seek a bailout "over the next few years".
The Cypriot economy is in much better shape than those of Greece, Ireland or Portugal, but financial markets are worried about the country's dependency on the Greek economy and banking sector.
http://www.b92.net/eng/news/world-article.php?yyyy=2011&mm=07&dd=28&nav_id=75664
A cabinet spokesman said that President Dimitris Christofias ordered his government to resign.
Greek Ekathimerini newspaper reports that the prospects for the Cypriot economy had "nosedived since the July 11 explosion".
The power plant damage could cost Cyprus 14 percent of its GDP, economists were quoted as saying.
In its announcement of a downgrading of Cypriot bonds on Wednesday, Moody’s rating agency said there was material risk that losses on Greek debt holdings will force Cypriot banks to seek a bailout "over the next few years".
The Cypriot economy is in much better shape than those of Greece, Ireland or Portugal, but financial markets are worried about the country's dependency on the Greek economy and banking sector.
http://www.b92.net/eng/news/world-article.php?yyyy=2011&mm=07&dd=28&nav_id=75664