| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Memo |
| Series Details | MEMO/13/624 (27.06.13) |
| Publication Date | 27/06/2013 |
| Content Type | News, Overview |
|
The European Commission and the IMF welcomed the announcement on 27 June 2013 by the Cypriot authorities to launch a voluntary debt exchange of Cypriot sovereign bonds with a total nominal value of €1,0 billion and maturing within the economic adjustment programme period (2013-Q1 2016), for new bonds with the same coupon rates and 5‒10 year maturities. On the 30 June 2013 Cyprus's debt ratings have been downgraded to "default" after it announced it would delay paying back 1bn euros ($1.3bn; £860m) of bonds. |
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| Source Link | Link to Main Source http://europa.eu/rapid/press-release_MEMO-13-624_en.htm |
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| Subject Categories | Economic and Financial Affairs, Politics and International Relations |
| Countries / Regions | Cyprus, Europe |
