Cyprus News

Fitch Downgrades Ratings of Italy and Other Countries Citing near-term vulnerability, the agency lowered the credit ratings of Italy, Belgium, Cyprus, Slovenia and Spain and indicated there could be further cuts.

Downgrade of Debt Ratings Underscores Europe?s Woes Combined with a snag in talks between Greece and its creditors, the ratings agency Standard & Poor?s action served as a reminder that Europe has found no solution to its debt turmoil.

For Turkey, Lure of European Union is Fast Fading With Europe roiled by a debt crisis and the tumult of the Arab Spring creating opportunities for Turkey to wield new clout, Turks are weighing walking away from the European Union.

Cypriot Team on Verge of History Apoel Nicosia is unbeaten through four matches in the Champion League's group stage, and it only needs a tie in its next match to be the first Cypriot team to reach the competition's knockout round.

NATO Leader Worried by Turkey?s Rifts With Cyprus and Israel NATO?s secretary general, Anders Fogh Rasmussen, said Turkey?s tense relations with Cyprus over natural gas exploration and with Israel were ?a matter of concern.?

Drilling Off Cyprus Will Proceed Despite Warnings From Turkey In the face of menacing warnings from Turkey on Monday, the Greek Cypriot government said it was proceeding with exploratory drilling for oil and gas off the coast of the disputed island.

Cyprus Leader Shuffles Cabinet, Seeking Austerity Support The president of Cyprus reshuffled his cabinet on Friday, but analysts said the move is unlikely to appease the opposition, whose backing is needed to pass austerity measures.

Credit Ratings Are Cut for Greece and Cyprus Standard & Poor?s cut the rating of Greece further, while Moody?s Investors Service cut Cyprus?s rating.