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5 years ago
Russia says Cyprus unlikely to need loan from Moscow
December 4, 2012 / 11:41 AM / 5 years ago

Russia says Cyprus unlikely to need loan from Moscow

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SOCHI, Russia, Dec 4 (Reuters) - Cyprus has reached an agreement to receive financial support from European lenders, which makes it unlikely that the country will need a loan from Russia, Russia's Finance Minister Anton Siluanov said on Tuesday.

Cyprus has asked both Moscow and the European Union for aid to refinance its banks, severely affected by the euro zone debt crisis and exposure to Greece. The country may require up to 10 billion euros ($13 billion), according to a draft deal with international lenders seen by Reuters.

"Cyprus had agreed with European lenders on its own so I think it may not require Russian loans," Siluanov told journalists in the Russian city of Sochi.

But for the final agreement on Cyprus, euro zone finance ministers need the results of an audit of Cypriot banks, which will show how much money the sector will need to boost capital.

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