Cyprus debt in default over bond swap

Cyprus's debt ratings have been downgraded to "default" after it announced it would delay paying back 1bn euros ($1.3bn; £860m) of bonds. Standard & Poor's lowered the island's credit ratings to "selective default" from CCC/C. via Pocket http://www.bbc.co.uk/news/business-23117965#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa