Cyprus has repaid the loan to Russia
Cyprus has repaid the debt to Russia, paying the balance of $ 1, 56 billion euros. About it, said Bloomberg, referring to the Cypriot Ministry of Finance.
The Cyprus economy in 2011 experienced serious difficulties due to debt problems in neighboring Greece. However, the authorities did not intend to ask for financial assistance of the European Union and the IMF in exchange for austerity measures, As did Greece, Ireland and Portugal.
Nicosia took the capital of the Russian credit of 2, 5 billion euros, But this amount was not enough.
in 2013, Cyprus has asked for a debt restructuring to reduce the burden on the budget. Russia has agreed to defer repayment from 2016 to 2018-2021 years. The interest rate was lowered from 4, 5 to 2, 5% per annum.
in April this year Cyprus placed two issues of Eurobonds in total amount of 1, 25 billion euros. The head of the Ministry of Finance Haris Georgiadis said that the funds will be used only on the early repayment of the Russian loan.
As he said in July, Deputy Finance Minister Sergei Storchak, under the agreement, Russia is obliged to accept the payment, despite the loss % of future periods.
Nicosia repaid the loan in four tranches in 2018 and 2019.
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