Russia Moves To Restructure Loan To Cyprus

MOSCOW (March 25, 2013)—Russian President Vladimir Putin has asked the government to restructure a $3.2 billion loan to Cyprus, a spokesman says.

Moscow has been worried about the crisis in Cyprus as Russian citizens hold as much as $26 billion in Cypriot banks.

Russian news agencies on Monday quoted Putin's spokesman, Dmitry Peskov, as saying that the president has instructed the government to work out the terms for restructuring the loan which was made 2011.

Cyprus' finance minister spent most of the past week in Moscow, trying to reach a deal before talks failed on Friday.

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