Government Spokesman Stephanos Stephanou, said yesterday, that the new downgrade of Cyprus’ economy by the rating agency Standard and Poor’s is meaningless, given that international markets have been closed for the country since April 2010 due to the situation of the banking system. Stephanou also said that the evaluation shows that the country's economic problem was a result of the banking system due to excessive exposure to the Greek economy. He added that the assessment also highlights concerns regarding discussions taking place in the European Union about how the EU will face some of its own problems.
Stephanou’s announcement followed comments by President Demetris Christofias who expressed certainty that Cyprus will overcome the financial crisis and face its problems as it did in the past. Referring to the economy and Cyprus’ application to the European Support Mechanism, Christofias noted that “we would have no problem if we didn’t have the problems of the banks”.