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Cyprus Confirms Russia To Extend Loan Terms

Demonstrators scuffled with the police in the Cypriot capital, Nicosia, in late April after lawmakers approved an EU bailout.
The foreign minister of Cyprus, Ioannis Kasoulides, says Russia has agreed to extend the terms of its 2.5 billion-euro loan to Cyprus as part of international efforts toward the financial rescue of the Mediterranean island nation.

Kasoulides made the announcement in Washington.

Reports say Russia has agreed to extend the maturity of the loan by two years and cut the interest rate to provide additional financial relief to the island.

In March, Cyprus became the fourth eurozone country to receive a bailout from the European Union and the International Monetary Fund (IMF).

Under the broader 10 billion-euro rescue, Cyprus has agreed to banking reforms and to impose losses on bank deposits of more than 100,000 euros.

Based on reporting by Reuters and ITAR-TASS