Support The Moscow Times!

Cyprus Requests Loan Extension from Kremlin

NICOSIA — Cyprus's finance minister isn't ruling out privatizations to seal a bailout deal and make a debt as high as 17.5 billion euros sustainable, he said Friday.

Vassos Shiarly said that the island had formally requested a five-year extension from Russia to repay a 2.5 billion euro ($3.3 billion) loan due in 2016 and that a writedown of Greek debt implemented in early 2012 was a mistake.

Cyprus, one of the eurozone's smallest economies, applied for financial aid from the European Union and the International Monetary Fund in June. Its banks were badly burned by an EU-sanctioned writedown of Greek sovereign debt held by private investors.

"The Greek [debt writedown] was a gift to Greece," Shiarly said.

Gazprom is prepared to pay 1.9 billion euros for Greek natural gas company DEPA, RIA-Novosti reported, citing Greek business daily Imerisia. The deal, which might give Gazprom control over the Greek gas market, is causing concerns in the U.S., Imerisia reported.

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.