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Cyprus to seek Russian contribution to bailout

  • Article by: MENELAOS HADJICOSTIS
  • Associated Press
  • March 15, 2013 - 4:24 AM

NICOSIA, Cyprus - A Cypriot official says the country is looking to Russia to contribute to a rescue package that would keep it from going bankrupt.

Cyprus' prospective bailout creditors — the other 16 eurozone countries and the IMF — are meeting Friday to try and hammer out a bailout deal for the country.

Cypriot Finance Minister Michalis Sarris will hold talks in Moscow on Monday to see how longtime ally Russia can help.

The official, who spoke on condition of anonymity because he's not authorized to speak about the negotiations, said Russia is likely to extend repayment of an earlier (EURO)2.5 billion ($3.2 billion) loan. Alternatively, it could provide a new loan. Russian buyers will also be sought for Cyprus' top two banks, which took huge losses on Greek debt.

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