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Cyprus loan talks in Moscow constructive, says finance minister Cyprus loan talks in Moscow constructive, says finance minister
(10 days later)
The Cypriot finance minister ended a day of loan talks in Moscow on Wednesday without reaching a deal to help save the Mediterranean island from a financial crisis that could have a disastrous impact across Europe.The Cypriot finance minister ended a day of loan talks in Moscow on Wednesday without reaching a deal to help save the Mediterranean island from a financial crisis that could have a disastrous impact across Europe.
Michael Sarris met his Russian counterpart, Anton Siluanov, before holding higher-level talks with Igor Shuvalov, a deputy prime minister and close ally of Vladimir Putin, the Russian president. The talks ended at about 4pm Moscow time and Sarris cancelled a planned press conference because of the lack of results.Michael Sarris met his Russian counterpart, Anton Siluanov, before holding higher-level talks with Igor Shuvalov, a deputy prime minister and close ally of Vladimir Putin, the Russian president. The talks ended at about 4pm Moscow time and Sarris cancelled a planned press conference because of the lack of results.
On Tuesday the Cypriot parliament rejected a plan to impose a levy on bank deposits in order to raise €5.8bn toward a €10bn bailout offered by the European Union.On Tuesday the Cypriot parliament rejected a plan to impose a levy on bank deposits in order to raise €5.8bn toward a €10bn bailout offered by the European Union.
Cyprus turned to Russia for a lifeline, seeking a five-year extension on a €2.5bn loan granted in December 2011 that is due to mature in 2016. It has also asked Russia to refinance the loan and lend an additional €5bn.Cyprus turned to Russia for a lifeline, seeking a five-year extension on a €2.5bn loan granted in December 2011 that is due to mature in 2016. It has also asked Russia to refinance the loan and lend an additional €5bn.
"We had a very good first meeting, very constructive, very honest discussion," Sarris said after meeting Siluanov. "We've underscored how difficult the situation is." However, he said there were "no offers, nothing concrete"."We had a very good first meeting, very constructive, very honest discussion," Sarris said after meeting Siluanov. "We've underscored how difficult the situation is." However, he said there were "no offers, nothing concrete".
Sarris said he would stay in Moscow until a deal was reached. "We'll now continue our discussion to find the solution by which we hope we will be getting some support," he said. Asked by reporters whether that meant simply renegotiating a loan, Sarris said: "No, we are looking at things beyond that."Sarris said he would stay in Moscow until a deal was reached. "We'll now continue our discussion to find the solution by which we hope we will be getting some support," he said. Asked by reporters whether that meant simply renegotiating a loan, Sarris said: "No, we are looking at things beyond that."
Russian banks and businesses are believed to have more than $30bn held in banks in Cyprus, the country's favoured offshore tax haven. The proposed levy would have forced rich Russians as well as not-so-wealthy Cypriots to contribute to the EU bailout.Russian banks and businesses are believed to have more than $30bn held in banks in Cyprus, the country's favoured offshore tax haven. The proposed levy would have forced rich Russians as well as not-so-wealthy Cypriots to contribute to the EU bailout.
Putin was one of the loudest critics of the plan, calling it "unfair, unprofessional and dangerous". Russian officials expressed dismay that they were not informed of the proposal in advance.Putin was one of the loudest critics of the plan, calling it "unfair, unprofessional and dangerous". Russian officials expressed dismay that they were not informed of the proposal in advance.
Now, in its role as potential saviour, the Kremlin is believed to be haggling for shares in Cypriot banks and gas fields in exchange for the requested loan, the Russian press reported.Now, in its role as potential saviour, the Kremlin is believed to be haggling for shares in Cypriot banks and gas fields in exchange for the requested loan, the Russian press reported.
On Wednesday the Cypriot government denied reports that Cyprus Popular Bank, the country's second biggest bank, was being sold to Russian investors.On Wednesday the Cypriot government denied reports that Cyprus Popular Bank, the country's second biggest bank, was being sold to Russian investors.
The energy minister, George Lakkotrypis, who oversees commerce, industry and tourism, was also in Moscow on Wednesday, although Cypriot officials said he was visiting a tourism exhibit.The energy minister, George Lakkotrypis, who oversees commerce, industry and tourism, was also in Moscow on Wednesday, although Cypriot officials said he was visiting a tourism exhibit.
His appearance in Moscow has fuelled speculation that the state monopoly Gazprom was seeking exploration rights over gas fields recently discovered off Cyprus's Mediterranean coast. Gazprom has denied the reports.His appearance in Moscow has fuelled speculation that the state monopoly Gazprom was seeking exploration rights over gas fields recently discovered off Cyprus's Mediterranean coast. Gazprom has denied the reports.
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