- Despite the improved current account, we note that the Cypriot economy's external vulnerabilities persist, given its still-large stock of external debt despite recent reductions, and its high net international liability position at about 90% of GDP.
- We could revise the outlook to stable if we thought the government was unable to fulfill the ESM/IMF program conditions, if the economic downturn was deeper than we anticipate, if budgetary performance deviated negatively from the government's targets, or if the stability of the banking sector was again jeopardized, particularly through unaddressed deterioration in asset quality or renewed capital flight.
25 Apr 2014 - 00:20 - Equities - Source: BBG
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