Cyprus seeks aid from Russia

Middle East Times
Tuesday 19th March, 2013

Cyprus’s finance minister was in Moscow Tuesday asking for aid after his country’s Parliament rejected a European Union-led bailout. The 10 billion euro ($12.88 billion) EU bailout required that 5.8 billion euros ($7.47 billion) be seized from Cypriot bank accounts. The Financial Times said a last-minute attempt to get funds from the Kremlin instead of the account seizures stunned EU leaders in Brussels. The seizures would have taxed deposits of more than 100,000 euros ($128,800) in Cypriot banks — accounts mainly held by Russians. “It became clear that there are these business interests i…

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