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No Progress on Cyprus Loan

Russia and Cyprus have made no headway on a 5 billion euro loan from Moscow to the crisis-stricken country, Interfax quoted Finance Minister Anton Siluanov as saying Tuesday.

"We're working on the issue, but so far there has been no progress," Siluanov was reported as saying.

Russia said last month that it would only grant a bailout loan to Cyprus as part of a coordinated rescue with the European Union for the Mediterranean island state, which it said was seeking a total of 20 billion euros ($25.7 billion) in aid.

Cyprus has not confirmed how big of a bailout it is seeking but said on Monday it plans final talks on a comprehensive aid package for the island with international leaders.

(Reuters)

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