Cyprus mulling early Payment of Russian loan

Cyprus is considering capping early the remainder of a 2.5 billion euro ($2.83 billion) loan which Russia granted the island country in 2012 amid a financial crisis.

Finance Minister Harris Georgiades told a business forum that the island has rebounded and may manage on its own, although that Cyprus is thankful to Russia for calling a call for help from an earlier government.

Georgiades said that the government wishes to cut back public debt to 96% of GDP by 90 percent from the end of 2020 and year’s end.

Cyprus nevertheless owes 1.56 billion euros in the loan it obtained with a 2.5 percent interest rate. From creditors, Cyprus recognized a euro rescue deal in 2013 to stave off bankruptcy.