"The euro zone's awkward handling of Cyprus's bailout puts extra pressure on the bloc's downgrade-threatened sovereign ratings and shows policymakers overestimate their ability to contain the crisis, credit agency Moody's said."
"While the risk of a euro exit by Cyprus is substantial, Moody's does not consider it as its central scenario. Following the economic dislocation that will be caused by the restructuring of the island's two largest banks and the imposition of capital controls in the country, it is possible that the risk of euro exit will increase further. If that were to occur, the maximum rating Moody's would assign to Cypriot securities would fall further.
An exit would result in large losses to investors due to the redenomination of government debt and private debt securities issued under Cypriot law. It would also lead to further severe disruption to the country's banking system and additional acute dislocations in the real economy. Such disruption would generally imply additional losses for holders of debt securities issued by Cypriot entities, irrespective of their governing law."
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