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RUSSIA EXTENDS CYPRUS'S FINANCIAL LOAN
12:24 ~U 07.05.13
Russia is extending the maturity and reducing the interest on its loan
to Cyprus, a document prepared by international lenders has shown,
according to the Guardian.
Russia's agreement provides additional, though expected, financial
relief to the island on top of a bailout by the EU and the
International Monetary Fund.
Cyprus has complied with all conditions set by international lenders
for the first ~@3bn (£2.5bn) of the ~@10bn bailout to flow to Nicosia
later in May, according to the document, drawn up by the troika,
consisting of the European Central Bank, the European Commission and
the IMF, on 30 April.
Russia lent Cyprus [email protected] in 2011 for five years, at an annual
interest rate of 4.5%. Extending the loan and reducing the interest
will ease debt-servicing costs for Nicosia and help it regain financial
stability.
The document said: "Reassurance has also been obtained from the Cypriot
authorities that formal agreement has been reached between the Republic
of Cyprus and the Russian Federation on an extension by two years of
the maturity for the Russian loan, which will be reimbursed as of 2018,
and a reduction of the interest rate from 4.5% to 2.5%."
Cyprus secured a three-year bailout from the eurozone's bailout fund
and the IMF last month, becoming the fifth country in the single
currency area to seek eurozone financial help as a result of the
sovereign debt crisis.
"All prior actions are now compliant both on substance and on
procedure," the document said.
Armenian News - Tert.am
From: Baghdasarian
12:24 ~U 07.05.13
Russia is extending the maturity and reducing the interest on its loan
to Cyprus, a document prepared by international lenders has shown,
according to the Guardian.
Russia's agreement provides additional, though expected, financial
relief to the island on top of a bailout by the EU and the
International Monetary Fund.
Cyprus has complied with all conditions set by international lenders
for the first ~@3bn (£2.5bn) of the ~@10bn bailout to flow to Nicosia
later in May, according to the document, drawn up by the troika,
consisting of the European Central Bank, the European Commission and
the IMF, on 30 April.
Russia lent Cyprus [email protected] in 2011 for five years, at an annual
interest rate of 4.5%. Extending the loan and reducing the interest
will ease debt-servicing costs for Nicosia and help it regain financial
stability.
The document said: "Reassurance has also been obtained from the Cypriot
authorities that formal agreement has been reached between the Republic
of Cyprus and the Russian Federation on an extension by two years of
the maturity for the Russian loan, which will be reimbursed as of 2018,
and a reduction of the interest rate from 4.5% to 2.5%."
Cyprus secured a three-year bailout from the eurozone's bailout fund
and the IMF last month, becoming the fifth country in the single
currency area to seek eurozone financial help as a result of the
sovereign debt crisis.
"All prior actions are now compliant both on substance and on
procedure," the document said.
Armenian News - Tert.am
From: Baghdasarian