x

Economy

Cyprus: New Bond Issues Help Repay Russian Loan Faster

April 25, 2019

NICOSIA (AP) — Cyprus’ finance minister says new bond issues will save the country money by helping to pay off the remainder of a 2.5 billion-euro ($2.8 billion) Russian loan more quickly.

Harris Georgiades told state radio Thursday the combined interest rate from the five-year bond issue and Cyprus’ first-ever 30-year issue is under 2%, meaning the country will pay less and have more time to repay.

Cyprus still owes Russia 1.56 billion euros ($1.75 billion). It got the loan with a 2.5% interest rate amid a 2012 financial crisis.

Cyprus on Wednesday secured 500 million euros from its five-year bond issued at a 0.625% rate. The 30-year issue raised 750 million euros at 2.75%.

Georgiades said Cyprus wants to take advantage of an early repayment clause in its loan deal with Russia.

RELATED

NICOSIA - The lingering COVID-19 pandemic all but forgotten as health measure restrictions were being rapidly eased, Cyprus’ opening to tourists again could bring more than 2 million this year, said Deputy Tourism Minister Savvas Perdios.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Prime Minister Kyriakos Mitsotakis Speaks, Is Honored at Boston College Graduation

BOSTON – Prime Minister of Greece Kyriakos Mitsotakis was the keynote speaker at the 146th commencement ceremony of Boston College, where he was awarded an honorary doctorate.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.