Cyprus pleads for new loan from Russia

Cyprus pleaded for a new loan from Russia to avert a financial meltdown, after the island’s parliament rejected the terms of a bailout from the EU, raising the risk of default and a bank crash. Cypriot Finance Minister Michael Sarris said he had not reached a deal at a first meeting with his Russian counterpart Anton Siluanov in Moscow, but talks there would continue. Russia’s finance ministry said Nicosia had sought a further €5 billion on top of a five-year extension and lower interest on an existing €2.5 billion loan. Cyprus is seeking Moscow’s help after parliament…

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