'Island port for sale' - Cyprus Turns to Russia for €7.5bln Bailout.(Fars). Cypriot Finance Minister Michailis Sarris arrived in Moscow to hold talks with Russian Finance Minister Anton Siluanov for a 7.5 billion euro bailout. "We're hoping for a good outcome, but we cannot really predict," Sarris told reporters before his meeting with Siluanov, RT reported.
He said Cyprus "is hoping for a good outcome."
Late Tuesday the Cypriot parliament overwhelmingly rejected a proposed tax level on bank deposits as a condition for European bailout aid of 10 billion euro.
Now it is hoping to secure a loan agreement with the Russian Finance Ministry.
Cyprus has asked Russia for a five-year extension loan of 2.5 billion euro ($3.22 bln), as well as an additional 5 billion euro to help curb the crisis in the Mediterranean Island, also a tax haven and home to a significant amount of Russian wealth. Hmmmm......$7.5bln for a port in the Mediterranean sea now that Tartus is going might be a great deal.Read the full story here.
Related: Cyprus Turns to Moscow: Scenarios for a Russian Role in the Bailout
Island afloat? Cyprus turns to Moscow for cash
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