Cyprus Gets Credit Line From Russian Bank, Stockwatch Reports

Cyprus’s government got a 60 million- euro ($86 million) loan from a Russian bank, securing almost half of its financing needs for the rest of 2011, Stockwatch reported today, citing finance minister Charilaos Stavrakis.

The Russian bank issued the loan to Cyprus, which needs a total of 150 million euros to cover its financing for the rest of the year, Stavrakis said, according to Stockwatch.

Overall financing needs for next year are 2.4 billion euros, which includes 1.7 billion euros of debt that needs to be refinanced, the web-based newspaper reported. Domestic organizations own about 61 percent of debt maturing in 2012, Stockwatch said.

To contact the reporter on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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