Russia ‘Solving’ Cyprus finances

Russia will provide financial aid to Cyprus with an amount sufficient to”solve”the problem treasury of the island, said Saturday from Paris, the Minister of Finance of Russia. ”We have taken the decision to help Cyprus ”said the Russian Minister, Anton Siluanov told reporters on the sidelines of the Meeting of Finance Ministers of the G20. ”The budget for consideration at the 2011 Duma (Lower House), we predict a total amount of payments that are sufficient to resolve the current problems of Cyprus”he added. The Minister did not mention any details, but Moscow had announced on September 10 that it is negotiating a loan is requested by a member of the eurozone, Cyprus. The agency RIA Novosti reported on unconfirmed reports of concessions on Cyprus a five year loan of between 2 and 2.5 billion at an annual rate of 4.5%. The International Monetary Fund (IMF) warned Wednesday that the Cyprus economy will contract 1% in 2012, after the limited development that will present the This year, due to the worsening budget deficit and instability in the Eurozone.

Cyprus Weekly