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Putin
Signs Law on Loan Restructuring for Cyprus
President
Vladimir Putin endorsed the restructuring of an intergovernmental
agreement on a state financial loan for Cyprus, signed in December
2011.
10
March, 2015
MOSCOW
(Sputnik) — Russian President Vladimir Putin has signed a law to
ratify a protocol on the restructuring of a loan to Cyprus, according
to a document published on Russia's official website for legal
information Monday.
Russia
and Cyprus signed an intergovernmental agreement on the provision of
a state financial loan for Cyprus in December 2011. It stipulates
that a single repayment of $2.754 billion be made on July 1, 2016.
The loan's annual interest rate was calculated at 4.5 percent.
A
protocol that included a reduction of the annual interest rate to 2.5
percent was signed in August 2013, after the Cyprus government asked
for a restructuring of the debt over the deterioration of the
financial situation in the country. The document also delayed the
repayment of the debt until the period between 2018 and 2021.
In
February, Putin and his Cypriot counterpart Nicos Anastasiades met in
Moscow to discuss bilateral relations and key international issues.
The meeting resulted in the countries signing a number of documents
on cooperation, including in the military and naval fields, the fight
against terrorism, drug trafficking, and in science, education and
culture.
The
Bank of Russia and the Cyprus Securities and Exchange Commission, as
well as the Invest in Russia agency and Cyprus' investment promotion
agency also signed a memorandum of understanding.
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