This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Cyprus President: Russia Ready To Help In Bailout


NICOSIA, Cyprus (AP) â¿¿ Cyprus' president said Wednesday that Russia is ready to join the European Union in putting together a rescue package for the crisis-hit country.

Dimitris Christofias said that his Russian counterpart Vladimir Putin assured him of Moscow's readiness to "extend a helping hand" to Cyprus in a telephone conversation the previous day.

Christofias didn't specify how much Russia would offer, but said this help could "save" the country.

"It's natural for the Russian Federation to want Cyprus to receive a loan from the EU because it's a member. But at the same time, as an old friend of Cyprus, it would like to help in cooperation with the EU," Christofias told reporters in Belgrade, adding that he's hopeful EU-Russia talks on the issue would be successful.

Christofias said that Cyprus would stick to bailout obligations to reform its economy, even with Russian help.

Cyprus' Finance Minister Vassos Shiarly told the Associated Press in an interview Monday that Russia's contribution to a Cyprus bailout was "probable" and only a "question of time."

Cyprus is trying to finalize with its euro partners a bailout of as much as ⿬17 billion ($22.8 billion) ⿿ roughly equal to its annual gross domestic product ⿿ to prop up its ailing banks and flagging economy. That amount has raised questions over whether Cyprus could pay off any rescue loan, as its economy is projected to shrink by more than 3.5 percent of GDP and a jobless rate of 14 percent.

A draft of the bailout deal puts the recapitalization needs of Cypriot banks, which were hit hard because of their exposure to bad Greek debt, up to ⿬10 billion. But Cypriot officials insist the banks' real needs are significantly lower than that.

Cyprus received a low-interest, ⿬2.5 billion loan from Russia in 2011 when it could no longer borrow from international markets. It has formally asked to extend repayment of the loan from 2016 to 2021. The country sought another ⿬5 billion from Moscow last year without result.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs