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Fitch rating agency affirmed Cyprus’ long-term sovereign rating at “BBB-” with a stable outlook, citing high sovereign debt and a weak banking sector as the main challenges facing the island’s economy.The agency said, Cyprus’ institutional strength as underlined in its per capita GDP and governance indicators and a record of robust economic growth and sound fiscal policy prior to the Covid-19 shock “are balanced by balance-sheet weaknesses, in particular high public debt and a weak banking sector.”After a deep recession …
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