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Russia Has No Plans to Give Cyprus Loan on Risk, Storchak Says

Russia has no plans to grant a 5 billion-euro ($6.6 billion) loan requested by Cyprus because the risks are too great to be assumed by a single creditor, Deputy Finance Minister Sergei Storchak said.

“We have no specific plans or instructions to do so,” Storchak said in a Dec. 24 interview in Moscow. “It’s obvious that no single creditor can work with Cyprus alone,” he said. “Anyone who steps up on an individual basis to finance that country’s government or to help recapitalize its banks would be taking an enormous risk.”