Subject: of an agreement
Content: NICOSIA, April 23 (Xinhua) -- Fitch ratings agency maintained its long term ratings for Cyprus at "B+" with a positive outlook despite acknowledging "a track record of fiscal consolidation, progress in financial sector restructuring and economic recovery". According to a statement made available in Nicosia on Saturday, the agency cited as factors weighing heavily on Cyprus's credit profile its large sovereign debt currently standing at 109 percent of its GDP and the "exceptionally weak asset quality" of the banks. Cyprus exited a three-year economic adjustment program at the end of March, under a 10-billion-euro (about 11.3 billion U.S. dollars) bailout of its economy by the Eurogroup and the International Monetary Fund in March 2013. Fitch said that at the end of the program Cyprus' economy grew 1.6 percent in 2015 after a cumulative 11 percent contraction and projected a growth of around 2 percent this year. But it warned that the restructured banking system is a factor of uncertainty. "Banks remain fundamentally weak and pose an ongoing risk to the economy and public finances," Fitch said. It added that the ratio of non-performing loans stood at 45 percent, down by 5 percentage points from its peak, and some 30 percent of restructured loans were still in arrears at the end of 2015. On the positive side, Fitch cited a strong management policy which led to over-achieving fiscal target and economic recovery resulting in an increased employment, which continues to fuel growth through consumption. Fitch said that the likelihood of an agreement reunifying Cyprus remains uncertain, but notes that despite the short-term cost and uncertainties entailed in a solution, it will help boost the Cypriot economy in the long term. The agency said its projections to not include the impact on GDP growth of potential gas reserves off the southern shores of Cyprus, now in the stage of being developed. Michael Phelps reacts after winning the men's 100-meter butterfly at the U.S. Olympic swimming trials  Cheap Air Max 97 Womens Australia  , in Omaha, Neb.  Cheap Air Max 97 Mens Australia  , Saturday, July 2  Cheap Air Max 97 Blue Australia  , 2016. (AP PhotoNati Harnik) The Latest on the Olympics ahead of the Rio Games (all times local to Rio de Janeiro): ___ 11:15 p.m. Michael Phelps is all done racing at the U.S. Olympic swimming trials. But he might get in the pool one more time. Eager to be on all three relays at the Rio Games, Phelps said he's considering whether to do a time trial Sunday in the 100-meter freestyle at the CenturyLink Center. Several other swimmers might join him  Cheap Air Max 97 Gold Australia  , but Phelps will mainly be competing against the clock. Phelps withdrew from the 100 and 200 free in Omaha, wanting to focus on his best individual events  Cheap Air Max 97 Undefeated Australia  , but he's a longtime stalwart on the U.S. relay teams. At the Olympics, Phelps will surely swim butterfly on the 4x100 medley relay and take part in the 4x200 free relay. But he's never specialized in the 100 free and  Cheap Air Max 97 Ultra Australia  , after posting some sluggish times even while winning all three of his events at the trials, he might want to show the coaching staff what he's worthy of being on the 4x100 free relay. Phelps does have one edge: the head coach of the U.S. men's team is Bob Bowman  Cheap Air Max 97 Black White Australia  , who also happens to be Phelps' personal coach. ___ 11:15 p.m. Lindsay Vrooman didn't make the U.S. Olympic team, but she didn't walk away from trials empty-handed. The 24-year-old swimmer wa.  Cheap Jerseys Wholesale     Cheap Jerseys Online     Cheap Jerseys Online     Cheap NFL Jerseys China     Cheap NFL Jerseys Free Shipping     Cheap Nike NFL Jerseys     Cheap NFL Nike Jerseys     Wholesale Jerseys From China     Wholesale Jerseys From China     Wholesale Jerseys China