Cyprus is working on a new austerity package to stave off further credit ratings downgrades
Cyprus said on Monday it was working on a new austerity package to stave off further credit ratings downgrades as its already high borrowing costs spiked at a sale of domestic bonds.
Ratings agency Moody's has placed Cyprus on review for a possible downgrade citing the slow pace of negotiations with the Troika and evidence that the Cyprus budget deficit will be significantly larger than expected.