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Russia is ready to discuss loan restructuring with Cyprus - Siluanov

Russia has granted a 2.5-billion-dollar loan to Cyprus

DURBAN, South Africa, March 26 (Itar-Tass) - Russian Finance Minister Anton Siluanov told journalists on Tuesday that Russia was ready to discuss loan restructuring with Cyprus in parameters on which Cyprus is insisting.

“We are ready to discuss the restructuring within the following parameters: for a period of five years and a two-percent reduction of the loan interest rate,” Siluanov said.

“This is the maximum that we are ready to do,” Siluanov added. He believes that these terms will be equal to a ten-percent write-down.

Russian President Vladimir Putin has recently order the government and the Russian Finance Ministry to discuss questions of restructuring of some previous loans that were granted to Cyprus. Presidential press secretary Dmitry Peskov said that in view of the decisions made by the Euro Group Putin considers it possible to support the efforts of the president of Cyprus and the European Commission to overcome the crisis in economy and banking sector of this island nation. The presidential instruction was prompted by those considerations.

Russia has granted a 2.5-billion-dollar loan to Cyprus.

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