SUNDAY MAIL

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THE BIG FREEZE

DEATH SHOW

INSIDE

Childless women in their 30s are putting their eggs on ice

A new exhibition brings us face to face with the end

TV and lifestyle supplements to see you through the week

Page 11

Pages 6-7

www.cyprus-mail.com

November 18, 2012

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COFFEESHOP: LET’S IMAGINE OUR LIVES WITHOUT A BAILOUT INSIDE Cyprus Donkey sanctuary in need of funds 4

Cyprus Poker champs forced online 5

World Israeli air strikes hit Hamas HQ, reservists mobilised

Memories of the dark days of 2004 in troika divide State vitriol grows against those supporting bailout Government plans fresh raid on SGO coffers Moody’s consider further downgrade for state bonds By George Psyllides

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Feature Twilight: the fanged film franchise comes to an end 19

Sport Ruthless Arsenal gun down ten man Spurs in derby 40

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ITH no end in sight to the bailout negotiations, and economic problems piling up, the cash-strapped government appears poised to raid once more the coffers of profitable semi-state companies (SGOs) in a bid to secure the necessary money to pull it through the next month. At the same time, there appears to be a concerted effort to create a negative climate against the international lenders and anyone who supports accepting their proposed measures for a bailout agreement. The delays were the reason given by ratings agency Moody’s on Friday for placing Cyprus’ B3 government bond ratings on review for possible downgrade. The agency cited two factors for its decision: the slow pace of negotiations with the troika and the resulting uncertainty regarding the likelihood and timing of a support package which raises liquidity risks, and evidence that Cyprus’ budget deficit will be significantly larger than expected, which fur-

ther increases liquidity risks for the government. “This is a new risk factor that was not present when Moody’s downgraded Cyprus’ bond ratings to B3 from Ba3 in October 2012,” the agency said. “The rating action in October focused on the profound difficulties in the Cypriot banking sector, which creates both a macroeconomic risk and a solvency risk for the government.” Cyprus applied for assistance for its Greece-exposed banks at the end of June. A month later, and after two fact-finding missions, international lenders submitted their proposals on the island’s adjustment programme. They were rejected by Cyprus, which took three months to prepare its counter-proposals. Substantive negotiations only started last week when international lenders returned to the island. Moody’s said there was a risk that negotiations would be prolonged. “Even if negotiations were to be concluded in 2012, Moody’s considers it unlikely that any assistance will be

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Israeli soldiers sit atop a tank on the Israeli side of the border with the Gaza Strip yesterday. Israeli air strikes destroyed the cabinet headquarters of Gaza’s Hamas rulers after militants fired rockets at the heart of Israel which called up thousands more reservists for a possible ground war FULL STORY PAGE 9 (AFP)


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