Moscow-bailout-cyprus-banks


title: 'Moscow bailout Cyprus banks' published: true publish_date: '31-08-2016 14:56' taxonomy: category:

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    Talks between Russia and Cyprus on Moscow’s possible bailout of the island nation’s economy have ended, with Russian investors rejecting Cypriot proposals, according to Russian Finance Minister Anton Siluanov. “The final round of talks took place yesterday.The talks have ended,”Siluanov told journalists, adding that Russian investors “demonstrated no interest” in Cypriot proposals. Cyprus had offered Russia – which holds between one third and half of the island's bank deposits – investments in its national banks and gas projects in return for financial aid. “Their proposals were to set up a state company with the transfer of assets of gas fields and to offer Russian investors to join, purchase bonds that will be changed over into shares later. Our investors looked into that and did not show interest,”Siluanov said. “The issue of a state credit was not considered, as the European side has fixed the upper limit of the debt that they must not exceed, while granting a loan means to exceed that threshold,” the minister said. The urgency for a multibillion-dollar loan from Russia emerged after the Cypriot parliament rejected on Tuesday a levy on bank accounts that international creditors, including the European Union and the International Monetary Fund, had set as a condition for providing a ten billion euro ($13-billion) bailout for Cyprus. AFP/RIA

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