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Kremlin Will Not Help Cyprus Depositors With Losses

A Cypriot bank manager tries to calm depositors waiting for the bank to open in Nicosia on March 28.
Russian Deputy Prime Minister Igor Shuvalov has indicated that the Russian government will not take any extraordinary measures to help citizens who could lose money as a result of the financial crisis in Cyprus.

"It is regrettable if someone is exposed and loses money at the two largest Cypriot banks, but the Russian government will not undertake anything in this situation," he said.

Shuvalov added that Moscow will listen to claims from companies that have government stakes.

Under the terms of an international bailout, holders of deposits of over 100,000 euros ($125,000) at the Bank of Cyprus could lose more than 60 percent of their funds.

Shuvalov also said the main task of the government is to lay the foundation for a "new model of economic growth" by 2018, but he did not offer any specifics.

Based on reporting by and ITAR-TASS