Cyprus Asks Russia for €5 Billion Loan
BY GABRIELE STEINHAUSER
NICOSIA—The president of Cyprus tried to quell European fears over Russian influence in his country Friday, after Russia’s finance minister said the Mediterranean nation requested a €5 billion rescue loan from Moscow.
Cyprus—an island of 800,000 people located near Turkey, Syria and Lebanon—has been hit hard by the financial crisis in Greece. Cypriot banks had lent heavily to the Greek government, as well as companies and households in the country, and lost billions after a restructuring of Greek bonds earlier this year.