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Economy

Fitch Downgrades Cyprus, As EU Worries About Spain Deepen

AP, ICN, EL MUNDO

LONDON - In the latest hit for a euro-zone economy, Fitch ratings agency downgraded Cyprus' sovereign credit grade to junk status, lowering the country's rating by one notch to BB+ from BBB-, AP reports.

"Fitch acknowledges that its estimates of the losses and capital needs of Cypriot banks are subject to considerable uncertainty and are conservative," the agency said. "Nonetheless, in Fitch's opinion, Cypriot banks will require substantial injections of capital in order to secure confidence in their financial stability."

The downgrade comes amid concerns after Spain officially asked for an aid for its troubled banking sector which is suffering from large amount of bad loans, ICN reports.

Madrid-based daily El Mundo reported that European officials are set to arrive in the Spanish capital "very soon" to hammer out the details of the conditions that will be attached to the bank rescue.

Worries about Cyprus and Spain are intensifying before this week's much awaited EU summit, where European leaders will try to reach an integrated banking union and more flexibility in how the European rescue fund can be applied.

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FOCUS: Russia-Ukraine War

How Russia And Belarus Are Cracking Down On Exiles — And A Passport Fix To Fight Back

Belarusian dictator Alexander Lukashenko is making it impossible for citizens who've fled the country to renew their passports, which will may make some effectively stateless. What are some possible solutions?

Photo of a customs official stamping a passport in Minsk, Belarus

Stamping passports in Minsk, Belarus

Boris Gorozovsky

Under strict new measures introduced by Belarusian President Alexander Lukashenko, foreign embassies may no longer issue documents to Belarusians. This will make it impossible for Belarusians outside of the country to renew passports unless they return — which could lead to criminal prosecution for some who fled after the 2020 protests.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

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Russia, on the other hand, has adopted a different approach to encourage the return of its citizens abroad. After considering a 30% tax on emigrants' income, they settled on a 13% personal income tax rate.

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