Dark
Light

Cyprus repays remainder of Russian loan, two years early

11 September, 2019

Cyprus’ finance minister said on Monday that the country has repaid ahead of schedule the remaining 1.58 billion euros ($1.73 billion) of a 2.5 billion euro ($2.74 billion) loan it received from Russia in 2011 amid a brewing financial crisis.

Harris Georgiades told The Associated Press on Monday that the repayment has been completed fully two years in advance without Cyprus incurring a penalty, thanks to an early payback clause.

Cyprus received the loan with a 2.5 percent interest rate to buoy its economy as its banking system faced a meltdown eight years ago. The island nation also staved off bankruptcy after accepting a rescue deal from other eurozone countries and the International Monetary Fund in 2013.

Cyprus’ economy has since rebounded in a robust manner, with the economy growing by 3.2 percent of gross domestic product in the second quarter of this year.

Dark
Light

Latest News

Eras of South Melbourne FC: Historic Mural Unveiled

The proud history of South Melbourne FC (Hellas) was celebrated

HACCI explores pathways in alternative investment

The Hellenic Australian Chamber of Commerce and Industry (HACCI) brought

Being anti-war does not mean being anti-Israel

In recent days, tens of thousands of Israelis (some say 500,000) filled