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Russia to restructure its loan to Cyprus

There were no immediate details of the new deal, but Cyprus has asked Russia to give it more time to repay the 2011 loan, which matures in 2016

By Richard Nehme | April 9, 2013 10:27 BST
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Russia will restructure its EUR 2.5 billion loan to Cyprus to help ease the country's financial plight. There were no immediate details of the new deal, but Cyprus had asked Russia to give it more time to repay the 2011 loan, which matures in 2016. Cyprus must pass a series of austerity measures to clinch a deal from international creditors or face a payments freeze due to a 80 million euro budget shortfall [...]

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