Moody's downgraded the rating of the largest banks in Cyprus

International rating agency Moody’s downgraded the three largest banks in Cyprus – Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank. Indicator of confidence in credit institutions dropped from the position to Saa2 Saa3.

All three banks have suffered heavy losses after the EU decision to write off massive debt of Greece, the banking sector is closely connected with the Cyprus. “The situation in Cyprus is still uncertain, and the risk of loss of bank deposits continue to grow,” – experts say Moody’s, adding that the government still does not have a clear vision of the necessary steps to bring Cyprus crisis.