Cyprus president: Russia ready to help in bailout

NICOSIA, Cyprus (AP) ? Cyprus' president says Russia is ready to contribute to a rescue package that the country needs to stay afloat.

Dimitris Christofias says Wednesday that his Russian counterpart Vladimir Putin assured him of Moscow's readiness to "extend a helping hand" to Cyprus in a telephone conversation the previous day.

Christofias didn't specify how much Russia would offer, but said this help could "save" the country.

Cyprus is trying to finalize a bailout from its euro partners of as much as ?17 billion ($22.8 billion) ? roughly equal to its annual gross domestic product ? to prop up its ailing banks and flagging economy.

Cyprus received a ?2.5 billion loan from Russia in 2011 and sought another ?5 billion from Moscow last year without result.

Source: http://news.yahoo.com/cyprus-president-russia-ready-help-bailout-103300678--finance.html

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