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Moody's: Cyprus bailout has negative implications for EU bank creditors

Moody’s rating agency is out with a brief note saying that Cyprus bail-out has negative implications for EU bank creditors. Looking at credit implication for sovereigns, Moody's says in unclear.
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Forex Flash: Unless bailout ratified, Cyrpus faces risk of EUR exit - RBS

The Cyprus bailout story may help keep the EUR in a recent downtrend, says Greg Gibbs, FX strategist for RBS. He says that "EUR remains essentially in a downtrend since its high on 1 Feb, it is now testing significant support around 1.288, and the lower end of a recent declining channel..."
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