S&P warns risk of Cyprus default “material and rising”

A cleaning worker holds a mop while working in front of a Bank of Cyprus branch in central NicosiaLONDON (Reuters) – Cyprus faces a "material and rising risk" of defaulting on its sovereign debt, especially if the euro zone and International Monetary Fund do not come up with aid, rating agency Standard & Poor's said on Wednesday. Crippled by its exposure to Greece, Cyprus needs 17 billion euros (15 billion pounds) from the euro zone to recapitalise its banks and to finance the government over the next three years. …

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