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17.06.2013

Cyprus and Russia are negotiating a debt restructuring

Cyprus a few weeks ago sent a letter to Russia to restructure its debt, negotiations are at an early stage, said the Russian Sherpa "Group of Eight" Alexei kvass.

"An official letter from the Cypriot side, incidentally, was not received until five or six weeks ago, in early May. Negotiations are in the early stages, I mean debt restructuring," - said at a briefing in A.Kvasov Northern Irish Lough Erne in anticipation of the start of the summit here today "Big Eight."

According to him, the Cyprus problem is unlikely to be a topic of discussion leaders G8. "Cypriot financial crisis as macroeconomic, global political problem - its most acute phase is overcome, the solutions adopted. Cyprus issue in a narrower section is subject to professional negotiations ministries of finance," - he explained.

In May 2013g. Cyprus Foreign Minister Ioannis Kasoulides said that Russia had agreed to extend credit terms to Cyprus in the framework of assistance to resolve the debt crisis.

The fact that Russia has extended the term of the loan in the amount of 2,5 billion issued in Cyprus 2011g., On 2 years (until 2018g.) And lowered the interest rate to a 4,5 2,5%, mentioned in a document prepared troika of international lenders - the European Central Bank, the European Commission and the International Monetary Fund.

Recall also that, speaking at held in early June in Limassol Cypriot-Russian festival, Cypriot President Nikos Anastasiadis said that the authorities of the island will do anything to ease the effects of the decisions of the Eurogroup for the Russians, "especially in regard to the compensation of the losses that suffered bank shareholders, holders of debt securities and depositors. "

Source: RBC

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Tags: Russia, Debt Restructuring, Credit, Economy