Russia offers loan to pay Cyprus' debt

Russia offers $3.5 bn low-interest loan to Cyprus to help the country avoid defaulting on its debts.



    The Republic of Cyprus has one of the largest exposures to Greek debt, which is why some analysts think it will struggle to avoid defaulting unless it gets a bailout.

    Now Russia is offering the country a multi-billion dollar loan with low interest.

    Russians have close ties to the island, with around 25,000 of them living in Limassol on Cyprus' south coast; around one-tenth of the town's population.

    The island is an attractive place for Russians to live and work, and many say they get a warm welcome from Cypriots, as well as special tax breaks for their businesses.

    But some say Moscow's move is motivated by its desire for Russian companies to gain a slice of Cyprus' energy market.

    Al Jazeera's Nadim Baba reports from Limassol in Cyprus.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    From Zimbabwe to England: A story of war, home and identity

    The country I saw as home, my parents saw as oppressors

    What happens when you reject the identity your parents fought for and embrace that of those they fought against?

    Becoming Ocean: When you and the world are drowning

    Becoming Ocean: When you and the world are drowning

    One woman shares the story of her life with polycystic kidney disease and sees parallels with the plight of the planet.

    The evening death came for me: My journey with PTSD

    The evening death came for me: My journey with PTSD

    On a gorgeous Florida evening, a truck crashed into me. As I lay in intensive care, I learned who had been driving it.