Nicosia, 05/07/2012 (Agence Europe) - The president of Cyprus, Demetris Christofias, said on Thursday 5 July that his country would like financial aid from both the eurozone and from Russia because the Russian interest rate is likely to be lower. He said Cyprus was perfectly capable of managing and combining aid from both sources and the government would not refuse aid from the eurozone because of a non-EU country. The future international lenders represented by the troika (the European Commission, ECB and IMF) have sent a fact-finding mission to Nicosia to examine the country's budget and financial needs. He said Cyprus needed money to invest, expand and recapitalise the banks and would be repaying it. Christofias said the budget deficit and public debt were both manageable with Cypriot state income, an economic upturn, tax rises and tax management, adding that he did not represent political powers that would reduce Cypriots to poverty.
The Cypriot president, who has close ties with Moscow, said that the Russian aid was welcome and he didn't understand why one should not accept aid for a country that has good and friendly relations, with a non-EU country that is prepared to help Cyprus by providing loans. Christofias said that Cyprus was awaiting the go-ahead from Russia. (CG/transl.fl)