Today, leading credit rating provider Standard and Poor's altered Cyprus' grade to a B from a B-.

Cyprus may be letting plans slip for an onshore LNG plant, according to the Cyprus Mail. The Cyprus newspaper quotes Charles Ellinas, former head of the national oil and gas corporation Kretyk who notes that a confluence of developments leads one to conclude the liquid natural gas project is becoming increasingly unlikely.

Tomorrow, European Finance Minsters will make a final decision on the pace and figure of Greece's next aid disbursements, as stated by Dutch Finance Minster Jeroen Dijsselbloem.