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Cyprus, Russia Sign 2.5 Billion-Euro Loan Deal in Moscow

Cyprus and Russia signed a deal for a 2.5 billion-euro ($3.3 billion) loan to be extended to the east Mediterranean island.

The first installment, to be paid by Dec. 31, will be 590 million euros, the Finance Ministry in Moscow said today in a statement on its website. The loan is meant to help Cyprus maintain fiscal stability, the ministry said.

Cyprus’s Finance Minister Kikis Kazamias and Russian Deputy Finance Minister Sergei Storchak signed the agreement in Moscow today, according to an e-mailed statement from the Cypriot Finance Ministry in Nicosia.

Cyprus’s euro-denominated bonds due July 2014 rose for a fourth day, pushing the yield down 83 basis points, or 0.83 percentage point, to 24.997 percent.

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