S&P cuts Cyprus credit rating one notch to 'CCC'

WASHINGTON: Ratings firm Standard & Poor's dealt a further blow to reeling Cyprus Thursday, cutting its credit rating as the eurozone country struggles to avoid a banking sector meltdown.

Asia currencies gain as Cyprus bailout fears hurt euro

Asian currencies have continued to strengthen as uncertainty over the developments in Cyprus hurt the euro.

Cyprus to make more cuts to meet deficit target

NICOSIA, Cyprus (AP) — Cyprus' finance minister said Monday that more austerity measures will be needed to meet a deficit target of 2.5 percent of gross domestic product this year.