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Cyprus President Says EU Bailout, Russian Loan Compatible

Cyprus President Demetris Christofias (right) with Russia's Dmitry Medvedev in Nicosia in a 2010 meeting
Cyprus's president, Dimitris Christofias, has defended his government's decision to seek financial aid from both the European Union and Russia.

Christofias said on July 5 that it was no "sin" to simultaneously pursue a bailout from the EU and a loan from Russia, adding the country had the right to look to all its allies for help.

Christofias was educated in Moscow and is the European Union's only Communist head of state or government.

Cyprus last week became the fifth country using the euro currency to seek a EU bailout in order to recapitalize its strained banking system.

Based on reporting by Reuters, AP, AFP, and dpa