In 2011, Russia lent Cyprus €2.5 billion for five years, with an annual interest rate of 4.5%. In 2013, amid the economic crisis, Cyprus’ government asked Moscow to restructure the loan.
- Russia agreed to extend the maturity until 2021 and to cut interest rate to 2.5%
In January, Cyprus closed down its flag carrier Cyprus Airways after the European Commission ordered the struggling airline to pay back more than €65 million in illegal state aid.
http://tass.ru/en/economy/779277
24/2/15
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Related:
Russia ready to give struggling Cyprus more money
Russia should stay out of lending to Cyprus – Deputy PM
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Cyprus government hopes for recovery in EU-Russia strategic relations...
ReplyDeleteCyprus hopes for the soonest restoration of strategic relations between Russia and the European Union, a spokesman for the country's government said on Tuesday.
Cyprus has always supported a productive dialogue with the Russian Federation and a constructive cooperation in mediation efforts to deescalate the Ukrainian crisis," Nikos Christodoulides told TASS ahead of a visit to Moscow by Cyprus’s President Nicos Anastasiades.
The spokesman also said that Cyprus questions "the efficiency of sanctions as a political mechanism" and expressed hope that Russia-EU relations would soon be restored to the level of strategic partnership.
http://tass.ru/en/world/779384
24/2/15
No plans to ask Russia for loan restructuring — Cyprus government...
ReplyDeleteRestructuring of a 2.5-billion-euro loan Russia extended to Cyprus in 2011 is not on the agenda of upcoming talks in Moscow of Cyprian President Nikos Anastasiadis, Cyprian government spokesman Nikos Christodoulides told TASS on Tuesday.
"We are very grateful and satisfied with terms for the repayment of Russian loan," he said. Russia has recently revised the initial terms of the loan, reducing the lending interest rate from 4.5% to 2.5%, while the deadline on the main debt has been moved from 2016 to 2018-2021.
"President’s visit to Russia will present an opportunity to express personally and at the highest level our gratitude for this tangible manifestation of support, that reflect sincerity, depth and stability of our relations," the spokesman said.......................http://tass.ru/en/economy/779405
24/2/15