Russia offers loan to pay Cyprus' debt

The Republic of Cyprus has one of the largest exposures to Greek debt, which is why some analysts think it will struggle to avoid defaulting unless it gets a bailout.

Now Russia is offering the country a multi-billion dollar loan with low interest.

Russians have close ties to the island, with around 25,000 of them living in Limassol on Cyprus' south coast; around one-tenth of the town's population.

The island is an attractive place for Russians to live and work, and many say they get a warm welcome from Cypriots, as well as special tax breaks for their businesses.

But some say Moscow's move is motivated by its desire for Russian companies to gain a slice of Cyprus' energy market.

Al Jazeera's Nadim Baba reports from Limassol in Cyprus.

Category:

News & Politics

Tags:

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• Europenews;
• Nadim
• baba;
• Russia;
• debt;
• Cyprus

[TheLolthazun]

Giving a loan to help pay back more loans? Brilliant idea.

[joel1923]

Cyprus has become a mafia haven. Congrats...

[zentheos]

@joel1923 eeeerm no thanx!!!no the way the EU gives koney to greece,portugal,ireland and demanding the population in povertyare you serious?:)

[TheKifinas]

@070Positive it is my friend .. from cyprus με αγάπη lol .. file m san tn kipro den exei !

[070Positive]

CYPRUS STILL HAS ONE OF THE BEST ECONOMIES IN EUROPE!!!...POOR PEOPLE ARE UNDER 3%, UNEMPLOYMENT ARROUND 7%...SO IS STILL GREAT...RELAX...RUSSIAN ARE FRIENDS WITH CYPRIOTS. IF CYPRUS IS STILL SO GOOD ORGANIZED, CAN YOU IMAGINE CYPRUS IN 10 YEARS???WITH THE OILS, THE AMAZING REAL ESTATE, THE UNIQUE PLACES ETC ETC...I VE BEEN TO CYPRUS AND I BELIEVE IS ONE OF THE BEST PLACES IN THE WORLD... WITH LOVE - JIM FROM ATHENS-GREECE

[eedobee]

@joel1923 Too right.

When you're a shithole like Cyprus, what can you do? If you keep the profits for your countrymen you will be invaded.

[Ettoredipugnar]

@Ettoredipugnar Dear small little joel. Bright eyed ,dreaming of a new world. Is gwanna edjamacate you. Th armenians are christians. The Turks feared that the russians would attack turkey and the armenians , christians ,would allay with them . That is why they moved the population and slaughtered. Them .Half the population in cyprus is turk. The russians with a large population there ,let alone a powerful economic presence yould be a threat to the turks. : )

[joel1923]

@Ettoredipugnar You never had a point beyond your stupidity, douche bag.

[joel1923]

@Ettoredipugnar Ettore, you're not at a man at all, but I'll answer your question.

Yes, the Ottomans committed mass murder against the Armenians. But it doesn't give you somekind of twisted moral high ground to cheer on a criminal, genocidal power like Russia. Or do you think it does?

As for Cyprus: They are screwed. Russia will steal all their natural gas, and Cypriots will rue the day they ever met the Russians.

When you visit Moscow, I'm sure the Russians will greet you warmly... lol!

[joel1923]

@Ettoredipugnar How am I a racist? You're the racist: automatically attacking Turks, for no other reason except that they ARE Turks. You're a racist and a hypocrite. How's that for a little education, Hypocrite?

As for neighbors: Russia has been committing genocide in Chechnya since 1993, yet, you say nothing about that. Are Chechens not worth mention, (very) little toad?

Looks like I've YOU, hypocrite.

[Ettoredipugnar]

@joel1923 You little racistt. No I am not armenian. During the great war. Who was the northern neighbor of turkey ? And what religion are they ? And don't you think the Armenians have an axe to grind ? Come on Joel be a man and answer.