Last updated: September 12. 2013 10:42AM - 163 Views
Associated Press

Story Tools:

Font Size:

Social Media:

(AP) Bailed-out Cyprus says it has signed a deal improving the terms of a 2.5 billion euro ($3.32 billion) loan it received from Russia in 2011.

The Cyprus Finance Ministry said Thursday that the revised loan cuts the annual interest rate from 4.5 to 2.5 percent.

Repayment has now been expanded over eight installments between 2018 and 2021 instead of a lump sum due in 2016, easing the country's public debt burden and saving it 160 million euros ($212.64 million).

Cyprus in March agreed a bailout deal in March with its eurozone partners and the International Monetary Fund that forced huge losses on savings over 100,000 euros in the country's two largest banks in exchange for a 10 billion euro ($13.29 billion) loan.

Associated Press
All user comments are subject to our Terms of Service. Users may flag inappropriate comments.
comments powered by Disqus

Featured Businesses


Info Minute

Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com