Russia agrees to loan extension

Russia  has agreed, at the request of the European Commission, to restructure the €2.5b loan granted to Cyprus in 2011, President Vladimir Putin said on Monday.
“We are making our own contribution to help the island,” said the Russian president at a joint press conference with German Chancellor Angela Merkel, Bloomberg quoted him as saying.
“At the request of the European Commission we have decided to restructure the debt,” he said.
The Russian president did not elaborate on the terms of the restructuring. Cyprus had asked for a five year extension on repaying the loan — due in full in 2016 — and for better interest