Cyprus mulling early repayment of Russian loan

Cyprus is considering repaying early the remainder of a 2.5 billion euro ($2.83 billion) loan that Russia granted the island nation in 2012 amid a financial crisis.

Finance Minister Harris Georgiades told a business forum Thursday that Cyprus is grateful to Russia for answering a call for help from a previous administration, but that the island has now rebounded and can manage on its own.

Georgiades said the government wants to reduce public debt to 96 percent of annual GDP by year's end and 90 percent by the end of 2020.

Cyprus still owes 1.56 billion euros from the loan it received with a 2.5 percent interest rate. In 2013, Cyprus accepted a multibillion euro rescue deal from creditors to stave off bankruptcy.

[AP]