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Russia backstops Cyprus bailout despite anger
Russia signalled on Monday it would backstop the European Union’s bailout of Cyprus despite anger that the weekend rescue deal would impose heavy losses on uninsured depositors, many of them Russian. President Vladimir Putin ordered his government to negotiate the restructuring of a bailout loan it granted to Cyprus in 2011 - having rejected Nicosia’s request for easier terms during crisis talks last week. Putin «considers it possible to support efforts ... aimed at overcoming the crisis in the economy and banking system of this island state,» his spokesman Dmitry Peskov said. Russia has repeatedly expressed ... (full story)
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