Powered by

Cyprus repays remainder of Russian loan 2 years early

Sep 02, 2019 - Associated Press Financial Wire

NICOSIA, Cyprus (AP) - Cyprus' finance minister says the east Mediterranean island nation has repaid ahead of schedule the remaining 1.58 billion euros ($1.73 billion) of a 2.5 billion euro ($2.74 billion) loan it received from Russia in 2011 amid a brewing financial crisis.

Harris Georgiades told The Associated Press on Monday that the repayment is two years in advance without Cyprus incurring a penalty thanks to an early payback clause. Cyprus got the loan with a 2.5% interest rate to bu...