Progress on fiscal and structural reforms was slow and following a serious , accidental explosion in July 2011 at the Evangelos Florakis Naval Base the major credit rating agencies downgraded the country 's rating in September . Yields on its long-term bonds rose above 12 % and there was concern that the country would be unable to stabilize its banks
serious , accidental explosion in July 2011
Evangelos Florakis Naval Base explosion
2012–13 Cypriot financial crisis