Friday October 31, 2014 Search
Weather | Athens
18o C
13o 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 island’s 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 Russia’s 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 country’s 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)  
Germany’s 10-year bonds decline before euro-area inflation data
Cyprus’s Georgiades Bets on Economy for Irish-Style Bailout Exit
Power rates soared 60 pct in six years
NBG chairman sees risks to recovery
Man shot dead, woman injured in Vathis square attack
A 42-year-old man was shot dead and a woman was slightly injured after two unidentified men in a vehicle rode past a cafeteria in Vathis Square, central Athens, and opened fire in the early ...
A year after GD members shot dead, police have no leads
A year after two members of neofascist Golden Dawn were shot dead outside the party’s offices in Neo Iraklio, north of Athens, police sources admitted that they have no leads to the killers....
Inside News
BASKETBALL
Obradovic watches Greens thrash his Fenerbahce
The second homecoming of former Panathinaikos coach Zeljko Obradovic, now at Fenerbahce, was not as emotional as last year’s, but it was certainly was the night of an emphatic triumph for th...
SOCCER
Berg returns to add spice to Panathinaikos´s Cup win
The second round of games for the group stage of the Greek Cup produced plenty of interesting games and results in midweek, but it still lags the upset potential that the knock-out stages of...
Inside Sports
COMMENTARY
The judiciary’s responsibility
The reform efforts over the past few years have begun to bear fruit. Greece has improved its standing in the World Bank’s Doing Business rankings, rising 48 positions from 2010 to 61st place...
EDITORIAL
Findings raise eyebrows
An investigation into money transferred to foreign banks by civil servants since 2010, when Greece’s brutal debt crisis erupted, has come up with some striking findings. The checks, which we...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Germany’s 10-year bonds decline before euro-area inflation data
2. Cyprus’s Georgiades Bets on Economy for Irish-Style Bailout Exit
3. Man shot dead, woman injured in Vathis square attack
4. Obradovic watches Greens thrash his Fenerbahce
5. Berg returns to add spice to Panathinaikos´s Cup win
6. Power rates soared 60 pct in six years
more news
Today
This Week
1. Man shot dead, woman injured in Vathis square attack
2. Cyprus’s Georgiades Bets on Economy for Irish-Style Bailout Exit
3. Germany’s 10-year bonds decline before euro-area inflation data
4. Greek euro dilemma is back as minister predicts volatility
5. Students hijack university senate meeting
6. Clientelism belongs to the past, says Mitsotakis
Today
This Week
1. Austria’s creative bookkeeping beats Greece on secret debts
2. End of reason, end of humanity
3. Clean bill of health for Greek banks from stress tests
4. Samaras pledges action after flash floods in Athens
5. Eurobank, National Bank restructurings eliminate capital gap
6. Athens flood damage assessed, compensation payments to begin
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.