Russia backstops Cyprus bailout despite anger

The Globe and Mail
Monday 25th March, 2013

Russia signalled on Monday it would backstop the European Union’s bailout of Cyprus despite anger that the weekend rescue deal would impose heavy losses on uninsured depositors, many of them Russian.President Vladimir Putin ordered his government to negotiate the restructuring of a bailout loan it granted to Cyprus in 2011 – having rejected Nicosia’s request for easier terms in crisis talks last week.

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