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Cyprus FinMin expects Russia to extend 2.5 bln euro loan to 2022
January 31, 2013 / 11:01 AM / 5 years ago

Cyprus FinMin expects Russia to extend 2.5 bln euro loan to 2022

THE HAGUE, Jan 31 (Reuters) - Vassos Shiarly, the finance minister of Cyprus, said on Thursday he expected Russia to extend the maturity of a 2.5 billion euros loan to 2022 from 2016.

“We have been in touch with them. We have every indication, we hope extensions will be made to enable a sustainable debt,” he told a Dutch parliamentary hearing in The Hague.

Shiarly appeared in parliament to address questions about a bailout for the island.

“Provisions have been made for a bail-in, unfortunately, for junior bondholders. A very unhappy situation but out of necessity we have no choice,” Shiarly said, referring to bondholders contributing to a bank rescue by writing down part of their debt. (Reporting by Sara Webb and Gilbert Kreijger; Editing by John Stonestreet)

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