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S&P downgrades Cyprus rating to CCC; Outlook is negative

FXstreet.com (San Francisco) - Standard and Poor's rating services has cut Cyprus sovereign rating from CCC+ to CCC, "may default" level. The outlook is negative.

S&P states that the Cypriot banking sector problems is weighting in the Government accounts.

Forex Flash: Eurozone to contract by -0.5% in 2013 – Goldman Sachs

“For the Euro area as a whole, we expect a continued contraction, by -0.5% in 2013, before a return to positive growth of 0.8% in 2014. Our baseline is still that the Euro area will ‘muddle through’ but remain intact. Cross-country divergence remains a key theme in this baseline scenario, however, with economic weakness especially pronounced in Spain and Italy. Meanwhile, we see growth decelerating only marginally in Germany in 2013, and forecast some overheating in the subsequent years.” notes the Economics Research Team at Goldman Sachs.
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Wall Street closes lower on Cyprus fears and earnings releases

The US stocks market closed with losses on Thursday as investors were concerned on the Cyprus situation and the declines were fueled by Oracle lower-than-expected earnings.
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