Cyprus finance minister off to Russia for loan talks

The West Australian
Tuesday 19th March, 2013

NICOSIA (AFP) – Cyprus Finance Minister Michalis Sarris was heading to Moscow on Tuesday amid an explosion of anger in Russia at a EU bailout deal for the island that could see Russian investors lose billions of euros.Local media said that the main aim of the visit was to discuss a 2.5-billion-euro loan that Moscow extended to Nicosia in 2011 at a rate of 4.5 percent.Sarris’s brief was to lower that rate and extending the loan’s expiration date until 2020 from 2016, the reports said.Moscow was reported to be seeking in exchange details about Russian billionaires who held accounts on the island…

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