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"Fitch predicts Cyprus will request aid from EU mechanism" headlines Politis. On Wednesday 10 August, the rating agency downgraded Cypriot debt by two notches, making the island a likely bailout candidate. Fitch Ratings’ initiative, coming a week after the appointment of a new minister of finance and a cabinet reshuffle, "is not reassuring" for Cyprus, which is currently in the throes of a serious institutional crisis, [writes the Cypriot daily](http:// http://www.politis-news.com/cgibin/hweb?-A=210839&-V=articles).
On 10 August, the new government announced an austerity plan, but "failed to secure support from the opposition" explains rival daily Phileftheros, which amounted to "a double blow for the economy". Politis reports that austerity will be back on the agenda "after the 15 August bank holiday,” when the government will “get down to serious business, and the introduction of drastic cuts to reduce the deficit”.
A conversation with investigative reporters Stefano Valentino and Giorgio Michalopoulos, who have dissected the dark underbelly of green finance for Voxeurop and won several awards for their work.
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