Evolution of high-frequency indicators suggests further growth downgrade likely.
Economic gloom is behind but way to go to build hope for recovery. The Finance Minister is expected to set an ambitious target/FY14 estimate of around 6.5% deriving comfort from possible global economic recovery and adequate inflow of external capital and liquidity, says Moses Harding, IndusInd Bank.
Standard & Poor's cut Cyprus's credit rating by one notch on Friday and warned another cut was possible, deepening economic gloom for the island struggling with its worst peacetime disaster and mounting speculation it might be forced into an EU bailout.
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