Cyprus loan bid at “political level” with Russia

446 views
1 min read

Cyprus has applied on a political level for a bilateral loan from Russia, a senior Cypriot source said on Thursday, after a Russian official said no formal request for aid had been made.

Cash-strapped Cyprus needs the equivalent of 10 percent of its GDP to bail out its second-largest bank by June 30, with its financing options being either an EU bailout, a Russian loan or a combination of the two.

"A political approach was made (to Russia) and we are expecting a response," the Cypriot official told Reuters on condition of anonymity.

View all

Latest from Cyprus