Thursday April 24, 2014 Search
Weather | Athens
23o C
15o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Sarris to continue talks in Moscow after inconclusive first round on Cyprus deal

Cypriot Finance Minister Michalis Sarris has cancelled a news conference due at noon Greek time on Wednesday in order to continue talks with Russian officials in Moscow.

Sarris said on Wednesday morning after talks with his counterpart Anton Siluanov that there had been no decision after a first round of discussions.

"We had a very honest discussion, we've underscored how difficult the situation is," Sarris told reporters as he was leaving after talks with Russian Finance Minister Anton 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... We're happy with a good beginning," he said.

Nicosia has asked Moscow to extend the maturity of an existing 2.5-billion-euro loan, due in 2016, by five years. It is also asking for the 4.5 percent interest rate to be reduced.

Beyond that, there is speculation that Cyprus will ask Russia to contribute towards the recapitalization of at least one local bank. Representatives of the islands most troubled lender, Cyprus Popular Bank (Laiki), are also in Moscow, according to Cypriot state broadcaster RIK.

Cypriot Trade Minister Giorgos Lakkotrypis is also in Moscow.

Russian billionaire and politician Mikhail Prokhorov is reported to have expressed certainty that Russias private sector could help Cyprus tackle its economic problems.

If we think that the economic crisis in Cyprus and the European Union does not affect Russia, we are making a big mistake, he said, according to the Cyprus News Agency.

It is likely the Russians will ask for some form of compensation for such an investment. A naval port in Cyprus for the Russian fleet and access to the countrys natural gas reserves are among the rewards Moscow might seek.

Some reports suggested Russian oil and gas behemoth 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.

ekathimerini.com , Wednesday March 20, 2013 (11:46)  
Expanding the social dividend base
National Bank determined to remain in the Turkish market
Ferries to start using LNG
Investment fund off the ground
Free drugs for uninsured Greeks
There are between 1.9 and 2.4 million Greeks, or roughly 20 percent of the total population, without social insurance, Health Minister Adonis Georgiadis said on Wednesday as he announced pla...
SYRIZAs preparation for elections upset again
SYRIZA's preparations for next month's local and European Parliament elections suffered another blow on Wednesday as Ahmet Kurt, one of the leftist party's candidates for the regional counci...
Inside News
BASKETBALL
Reds and Greens stay alive in Euroleague
Easter and home advantage worked wonders for Panathinaikos and Olympiakos who stayed alive in the Euroleague play-offs beating CSKA and Real Madrid respectively on Monday in Greece. Shak...
BASKETBALL
Greens lose badly as CSKA Moscow
Panathinaikos has a mountain to climb in order to reach the Final Four of the Euroleague after losing at CSKA Moscow on Friday for a second time in two days, only this time it was comprehens...
Inside Sports
COMMENTARY
Its too soon for Europe to declare victory
There was a time not so long ago when the vast majority of experts agreed that a country could not emerge decisively from a financial crisis unless it solved problems of both stocks and f...
COMMENTARY
Realitys other side
There is plenty of evidence pointing to the fact that the countrys real economy has hit rock bottom and is currently entering a phase of growth. Those who know the market well tend to suppo...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Expanding the social dividend base
2. National Bank determined to remain in the Turkish market
3. Ferries to start using LNG
4. Investment fund off the ground
5. Stocks decline after three days of growth
6. Free drugs for uninsured Greeks
more news
Today
This Week
1. FBI seeks to identify victims of suspected US child molester who worked abroad, including Greece
2. Greek debt swells again as Samaras looks to creditors for relief
3. Woman dies after falling off state building roof
4. Tunisian sought over employment scam
5. Greece qualifies for new debt relief after 2013 budget surplus
6. Greece sees 2013 primary budget surplus at 1.5 bln euros, says deputy finance minister
Today
This Week
1. Greece startup leaders say they cant break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Mayoral candidates clash over Athens mosque plans
4. Government looks to kick on
5. Greece offers to help find Turkish F-16 lost in 1996
6. EU struggles to unpick the knot of Russia-Ukraine gas logistics
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.