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Cyprus seeks Russian bailout.............

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Cyprus seeks Russian bailout.............

Postby Oceanside50 » Wed Mar 20, 2013 1:19 pm

(Reuters) - Cyprus's finance minister pleaded with Russia for help on Wednesday to avert a financial meltdown after the island's parliament rejected the terms of a European bailout, raising the specter of a looming default and bank crash.

Finance Minister Michael Sarris said he had reached no deal on financing with his Russian counterpart, Anton Siluanov, but talks were continuing.

Cypriot officials disclosed that the country's energy minister was also in Moscow, ostensibly for a tourism exhibition. Cyprus has found big gas reserves in its waters adjoining Israel but has yet to develop them.

"We had a very honest discussion, we've underscored how difficult the situation is," Sarris told reporters after talks with Siluanov. "We'll now continue our discussion to find the solution by which we hope we will be getting some support.

"There were no offers, nothing concrete," he said.

Austria's finance minister made clear the European Central Bank could soon pull the plug on Cypriot banks after the island's parliament rebuffed EU demands for a levy on bank deposits to raise 5.8 billion euros.

With Sarris and Energy Minister George Lakkotrypis in Moscow, there was mounting speculation that Russian oil and gas giant Gazprom had mooted its own assistance plan in exchange for exploration rights to Cyprus's offshore gas deposits.

Noble Energy reported a natural gas recovery of 5 to 8 trillion cubic feet of gas south of Cyprus in late 2011, in the island's first foray to tap offshore resources.

Russian authorities have denied the Kremlin plans to offer more money.

A senior source in the "troika" said dealing with Cyprus was even more frustrating than protracted wrangling with Greece.

:lol: :lol: ... 3I20130320
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Re: Cyprus seeks Russian bailout.............

Postby Demonax » Wed Mar 20, 2013 3:39 pm

zerohedge zerohedge
A preliminary deal to sell Cyprus Popular Bank to Russian investors has been reached, Kathimerini Cyprus reports, without citing anyone

NTMarketscom NTMarkets
Hearing: Market rumour of Cypriot deal with €3bn from Russia linked to gas fields and €2bn from depositors #Cyprus

alexspillius Alex Spillius
Merkel: "#Cyprus is our partner in the euro area and that is why it is our duty to find a solution together"; ie hands off, Russia
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Re: Cyprus seeks Russian bailout.............

Postby Sotos » Wed Mar 20, 2013 4:32 pm

"Yes Man" Anastasiades first told us that after he is elected he will sort everything with his "good friends" in EU ... one of the first things he did was to announce that Cyprus will apply for NATO's "Partnership for peace". Now he remembered the Russians :roll:
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