Russia turns down Cyprus: Depositor haircut back on the table

The Russians are apparently afraid that Cypriot banks are in such bad shape, that bailing them out by taking them over is too risky. Instead, they are taking a wait and see attitude: Meanwhile, Cypriot efforts to clinch a contribution from Russia appeared to have failed. Russia is a key player in Cyprus as Russian depositors have parked around 20 billion euros in the country. "We will only be ready to discuss various ways of support for that state only after the EU nations and Cyprus work out a final settlement," Russian Prime Minister Dmitri Medvedev told a news conference. Russia's finance minister, Anton Siluanov, said the Cypriots were seeking investment from Russian companies in a Cypriot state-owned firm that will manage revenue from the island's newfound offshore gas. The Russian investors, however, were not interested. Cyprus also offered stakes in some of its banks, but there were no takers in Moscow for that, either. Siluanov also said they were not discussing...(Read Full Post)

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