S&P ratings agency knocks Cyprus, already at junk grade, down to 'selective default'

NEW YORK, N.Y. - Standard

The Cypriot government is swapping some local bonds for longer-term bonds. Though that eases some of the immediate liquidity pressure on Cyprus, the S

Cyprus agreed to a 23 billion euro ($30 billion) bailout deal in March with its eurozone partners and the IMF.

The S