Cyprus, Russia Fail to Reach Loan Renegotiation

Business » FINANCE | March 20, 2013, Wednesday // 14:22

Cypriot Finance Minister Michalis Sarris and Russian counterpart Anton Siluanov failed to reach a deal on renegotiating Cyprus's loan during talks in Moscow.

Sarris arrived in the Russian capital Wednesday in the hope of easing terms of the 2011 loan from Russia that Cyprus has to repay in 2016.

According to initial information, he is to stay in Moscow until a deal has been reached.

"We had a very good start. We led an honest and open discussion," said Sarris after meeting Siluanov.

Sources from the Russian Ministry of Finance have however confirmed that no specific deal has been achieved yet.

Talks are set to continue Thursday.

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Tags: loan, Cyprus, Russia, anton siluanov, Michalis Sarris
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