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FarCenter

(19,429 posts) Wed Jul 4, 2012, 09:29 PM Jul 2012

Russia offers Cyprus better bailout conditions: president

AFP - Russia is offering Cyprus more favourable conditions than the EU and IMF as the Meditarranean island seeks aid to shore up its banks, Cypriot President Demetris Christofias said Wednesday.

"The conditions offered by Russia are more favourable" because it does not "impose any conditions" and offers "a lower interest rate," Christofias, a communist, told the European Parliament.

Cyprus currently holds the rotating European Union presidency.

Aid from the EU and International Monetary Fund comes with strict conditions on economic policy as has been the case in Greece, Ireland and Portugal which have all needed bailouts while Spain is seeking help for its banks.

http://www.france24.com/en/20120704-russia-offers-cyprus-better-bailout-conditions-president

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