Duma approves 2013 Cyprus loan restructuring, Anastasiades says (Update-1)

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(Adds comment by president Anastasiades in the fifth paragraph)

By Stelios Orphanides

The Duma, Russia’s lower house, approved on Tuesday the restructuring of the €2.5bn loan Cyprus received in 2011, president Nicos Anastasiades said.
Anastasiades was talking to reporters following a meeting with Duma Speaker Sergey Naryshkin.

“We are here to express our determination to maintain our enduring relations, so that they remain strong, something proven by the decision of the Duma yesterday to ratify the restructuring of the loan,” Anastasiades said according to a statement emailed by the press and information office on Wednesday.

In 2011, when Cyprus was shut out of markets, then communist president Demetris Christofias requested and received a €2.5bn from Russia hoping the loan would allow him to spend the rest of his term without having to resort to an international bailout. Under the initial agreement the loan would be redeemed in 2016 and carried a 4.5 per cent interest rate.

Cyprus and Russia agreed to restructure the loan in 2013, after Nicosia agreed to an international bailout and reduced the interest rate to 2.5 per cent and prolonged its maturity until 2021 “eight equal instalments” starting 2018, according to the public debt management office 2013 annual report.

Anastasiades said that Cyprus is Russia’s most “reliable voice” within the European Union and expressed “the gratitude of the Cypriot people for the longstanding support of the Duma for the problems of Cyprus, underlining the principled position that the Russian Federation maintains at the UN Security Council and its stance with regard to the aversion of dangers after Turkey’s invasion.”

On Ukraine, Anastasiades said that while he is “aware” of the problems the crisis in the country is causing to Russia’s relations with the EU, the position of his government is that “the crisis can be solved only through diplomatic means and not military measures. From the outset, we said that the sanctions would not only hurt Russia but also the member-states and in particular the states that are dependent on or have links with Russia”.

Cyprus defends the “independence and territorial integrity of Ukrain on the basis of the Minsk agreements,” which provide for a cease fire and constitutional reforms in Ukraine that will grant the Donetsk and Luhansk regions a special status.

“I assure you that our effort will be to help in the effort to restore the EU-Russia relations,” Anastasiades said. “Cyprus is the most reliable voice for Russia within the EU”.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • kimberworth

    I wonder when the next restructure will be and some favours required.

    • Evgenios Zosimov

      Were there any favours this time? Please give us some insight

      • All is good…

        Do you deserve any favours ?

        • Evgenios Zosimov

          Can i also answer to your question with a question? Who “WE”?

          • All is good…

            You may.

            Who “YOU” ?

          • Evgenios Zosimov

            “Do you deserve any favours ?” wasnt that your question?

          • All is good…

            Take your pick…

            Greek Cypriot, Russian, Gressian, Cyprssian ?

            Flip a coin.

            Does it change the question in any way ?

  • All is good…

    “Demetris Christofias requested and received a €2.5bn from Russia hoping
    the loan would allow him to spend the rest of his term without having to
    resort to an international bailout.”

    It was never going to be Castrofias’ problem !

    Such a shame that the replacement made such a catastrophe of it anyway !!!

    • Spanner Works

      It was the village idiots problem when he used it all in 4 months instead of it lasting just over a year!

    • Bluestorm

      You have not managed to learn even the few funny political terms, while in Cyprus.It is not Castrofias but Catastrofias.
      Whatever happened to that dual-core brain of yours?

      • All is good…

        The 8 upvotes so far would tend to disagree with you 😉

        Castrato is Italian I believe, or do you Greek speaking people lay claim to that one as well ?!!

        But I do concede that both might apply to your inglorious former President.

        • Bluestorm

          Non parlo Italiano,but the one and only correct term is catastrofias from the greek word catastrofi adopted by the english langage as catastrophe.But even if the synthesis(sorry Greek again) was betwenn castrato and christofias how did you end up with castrofias?You seemed to have…. castrated too many syllables
          When in Cyprus do what the Cypriots say ….When in Rome do what the Romans do.
          The up votes was for the content of you post .You can have mine if you wish as I am not an AKEL voter and consider Ttofias as a calamity.

          • All is good…

            You wanted to quote me happy “When in Cyprus do what the Cypriots say ….When in Rome do what the Romans do”

            But I would rather quote you correctly, “if you should be in Rome, live in the Roman manner; if you should be elsewhere, live as they do there”.

            So you would be an advocate of:

            1) not paying loans
            2) running red lights and zebra crossings
            3) no seat belts (including babies in car chairs)
            4) parking on pavements
            5) drink driving, no insurance, road tax or MOT
            6) allowing children to strike from school
            7) poisoning, shooting and dragging dogs to their deaths
            8) deserting cats
            9) tax and VAT evasion

            Feel free to let me know what I’ve missed out.

          • Bluestorm

            I could make an equally big list about what is wrong in the UK which is where you live, but I will not go into that logic(sorry Greek word).But I would advocate by my own principles as per your catalogue (sorry greek word again):

            1) Fully paid house,cars,fridge,kettle, cutlery… etc
            2,3,4,5) I have had a british driving license since I was 17 and have retained that culture.
            6) I have casticated this in the Greek press.
            7,8) I have posted against animal cruelty on his forum
            9) Up to date.

          • All is good…

            How does Cyprus possibly manage to have such a huge number of anti-social issues, with so few people ?

            Maybe they’re not ‘anti-social’ problems.

            Maybe, they’re not even problems at all ?

            Oops… castigate, it’s not funny and it’s not political but, it is still an English word, if I’m not confusing it with another Greek word 😉

            Congrats on your stats !.. I still need to pay my car tax 😉

          • divadi bear

            All is good
            Casta prefix is Italien Root. As in Castrata Tenor=Male person singing an talking with a high pitched voice. Some Italien boys were castrated before their “Voices Broke” to maintain the boy-sopranic-voice for the pleasures of Priests.

          • Bluestorm

            “How does Cyprus possibly manage to have such a huge number of anti-social issues, with so few people ?

            Most of the problems are a result of the extreme economic crisis.Many Cypriots struggle to meet their financial obligations.
            Driving standards bother me as well because I have a different driving culture.At least we drive on the right side of the road.Incidentally, I was not impressed by the driving standards when I visited Rome.

            Irrespective of provocation on your part, I shall not make a list of the numerous social problems that you face back in the UK. However,I find it rather ironic that you should think that Cypriots have a drink and drive problem.Let me remind you that you now live in a country where the majority of people are on the brink of alcoholism and the rest are alcoholics.A country, where “getting pissed” is the ideal night out.Many descent British families living on the island have complained about the behaviour of the young yobos ex UK descending upon Ayia Napa drinking themeselves sick, from dusk to dawn.
            According to the ministry of transport during 2011 in England and Wales, there were 54936 drink and drive offenses.Interesting to note that in Uk the alcohol limit is 35 and in Cyprus 22.

            This is my last word on the subject as I fear we are getting too antagonistic.(shit…. another Greek word).

            PS ….. and remember to pay your car tax!!

          • peemdubya

            I reckon you got it just about right – certainly got Bs going here, haven’t you???!!!

  • Argent

    He is being used and yet he can’t see this.

  • chris

    Was this one of the primary reasons for the visit? Worth the trip to get out of repaying (for now) €2.5bn.
    And commenting on the photo: “Don’t take your coat off, Prez, you’re not staying.”

    • Road Warrior

      Indeed, no national pride at all.

      • All is good…

        Homepride ?

        95% water and 5% other ingredients ?

        Nope, that would be an insult to Homepride !

        • A.Papas

          If I was an ex-pat, I would pack my bags and go home.

          • Bernard Smart

            Why? Last time I looked Cyprus was a democratic state where free speech is an excepted part of normal life.
            Totalitarian regimes are best left to countries like Russia where they have the wherewithal to suppress their people.

          • Marios Elmar

            For how long u were in Russia?

          • Bystander

            Well, indeed they do. Last time I have been to Russia (well, Moscow, not exactly Russia) was about two weeks ago and things did not change much.

          • Marios Elmar

            Amazing Moscow…Huge Russia….Hope u had a very nice time …Next time i can help u with visa…to be 5 years mult.To stay more and explore all beauty

          • All is good…

            For a fee of course.

            You must be desperate… advertising on an English forum 😀

          • Marios Elmar

            I was sarcastic re file.This is Cyprus Mail.Not Manchester chat….Again,enjoy ur country…must be perfect…

          • Marios Elmar

            Agree ..If they don t like,i recommend one way ticket to less corrupted and more stable European country.We will not cry at all.Ex-pats wherever they r they need to adopt lifestyle and mentality .If not,they will be in huge problem…Cheers

          • peemdubya

            Oh, we do adopt the lifestyle (and generally enjoy it) but the mentality just cannot be adopted by anyone with a conscience or standards. It just makes us weep to see the Cypriots allowing their country to be run into the ground – and they just don’t seem to care about it!!!!

          • All is good…

            I did – 7 months ago !!!

          • Marios Elmar

            Very glad….now u need to delete this island from ur minds…and u will feel like newborn

          • All is good…

            It would be easier if I wasn’t paying for your little island 😉

          • Marios Elmar

            That s life…Now from small to big world…More organise,more beauty,no corruption,bravo re file

          • All is good…

            Take the money and run 😉

            You must be ecstatic paying your taxes for the Government and SGO employees who will all be home in half an hour… or on overtime 😀

          • Marios Elmar

            I understand ur bitterness,wish u the best ,to enjoy democracy,less bureaucracy,more money…and forget Cyprus.

          • All is good…

            Ah, I can see that you prefer to take it.. rather than give it 😀

          • Marios Elmar

            daxei file m…siga siga…take breath,go walk…and visit us sometimes..xxx

          • peemdubya

            Or both!!!

          • Slomi

            what about house behind without title deed which ex-pat had bought with all life savings.?????????

          • Bluestorm

            They won’t go home because they like it here in spite of all the problems.

          • Argent

            I wish i could, but because of the racist xenophobic attitudes, sexism, lies, gross stupidity, corruption amongst many other things, you and your government has just about finished off the property market, and unfortunately some of us have to sell the property before we can leave this godforsaken mad house.

      • Bluestorm

        Oh,I know,you must mean the kind of national pride that Cameron demonstated when pleading with the EU to withdraw the bill of 1.7 billion imposed on Britain by Brussels.
        Britain’s Homepride must be of the whole wheat type.Easier to digest and travels faster to the body’s exit.

        • All is good…

          Wholewheat is slower to digest… don’t you know your wheat from your chaff ?

          • Road Warrior

            AIG, your interrupting his flow, he wants to talk about what’s happening everywhere else, except Cyprus !

          • Bluestorm

            Wy don’t you like my jokes? I like yours,……sometimes.
            I think that it was me that interrupted your flow.But seriously I can’t understand why you don’t see the connection.Britain refused to play it by the EU rules and tried to avoid paying the additional amount of 1.7 billion,which was a result of Britan’s improved economic performance.Is there an issue of national pride?
            Cyprus is in the shit and trying to ease some of the loan terms with Russia.Why is their an issue of national pride for a country facing extreme economic difficulties.Would you prefer that the government imposes additional heavy taxation.I wouldn’t.

          • peemdubya

            Why, if you improve your country’s economic performance, should you be expected to pay for others who couldn’t care less and who did even less to improve their own? “Get your own house in order before…..” rings a bell.

          • Bluestorm

            Are you a part time nutritionist?

          • All is good…

            Not exactly, but I do have a second brain cell to bang against the first 😉

          • Slomi

            you most probably have inherited grey cells of Hercule Poirot also.

          • Bluestorm

            Don’t bang too hard.

        • Argent

          No one in Cyprus has the right to call any other country or their politicians having seen what goes on in Cyprus, no rights at all.

          • Bluestorm

            Jawoll Herr Kommandant !!!!!!!

          • Argent

            Thats how The Greeks and Cypriots would be speaking if it wasnt for the allies.

          • Bluestorm

            Yes my Lord….no my Lord…..as you please my Lord…. ότι πεις μεγάλε…

          • Argent

            Your welcome, now could you please tidy up the kitchen.

          • Bluestorm

            With all due respect, but you must have dozed off during history lessons.Greece fought victoriously against the Italian fascists in october 1940.They even resisted the Germans, but were totally defeated by a superior military machine.As regards Cyprriots about 30000 of them served in the Cyprus regiment of the British army.Winston Churchill praised the Cypriots for their honourable service with the allied armies.For the Greeks he said that “..as of now we shall not say that the Greeks fight like heroes but that heroes fight like the Greeks”.

            No need to apologise.

          • Argent

            I wasnt going to. What you wrote is nearly correct, but as usual, you miss out the facts about who stood by the Greeks when the allies didn’t want anything to do with them, but that’s par for the course in Cyprus. By the way, my grandfathers two brothers were killed in Crete fighting with the Greeks against the Germans. What did your family do.

          • Bluestorm

            It takes courage to apologise .The only courage that you have is to tell lies about the war so as to feed your anti Greek and anti Cypriot mania.
            I do not intend to capitalise on my family’s heroics as you did.

          • Argent

            What lies would those be.

          • Bluestorm

            Your biggest lie was that you misrepresented the second world war for the sake of a joke.
            Final history lesson: First and foremost let me tell you who the allies were.The USA,Russia ,Britain,New zealand,Australia ,Canada,France ,Poland,Greece,Cyprus and others.A major country who was not an ally was Turkey who conveniently remained neutral but was an enemy during the first world war.Cyprus was by definition an ally being a British colony.Interesting to note that the late President of Cyprus Glafkos Clerides interruped his studies in London and joined the RAF.His plane was downed and spent the rest of the war as a Pow.During the German/Italian /Bulgarian occupation of Greece the country was devastated by hunger and the destruction of its infastructure.Half a million lives were lost. Resistance groups in Greece liberated large mountaneoue parts of Greece and kept the axis armies occupied.A Greek government was set up in exile in Egypt and formed its own army which fought alongside the British in the ME,North Africa and Italy.Before the end of WWII another war had already started.The Western allies were facing the communist threat which had already overrun the Balkan countries.Next in line was Greece.The communist resisrance goups had taken over most of Greece and it fell upon the British to stop them from taking over Athens and Salonica,which were the two major cities remaining under the control of the right-wing resistance groups.The British together with their Greek allies stopped the communists with great difficulty.Following the defeat of the commies, a Greek pro- Western government was established.However the communists later re-grouped on the mountains and civil war flared up again.The British were unable to continue with their commitment in Greece and the Americans took over, followinig the Truman doctrine.With the help of the Americans the communists were defeated once and for all in 1949.

            THE END

          • Argent

            And…………

          • Slomi

            How many presidents have visited Cyprus during last six months?any rough idea?

    • Bystander

      I strongly believe that the loan will be written off at the end. I already expressed my opinion on this ‘deal’ few times. What will happen is certain Russian individuals and companies money, taken during bail-in, will be returned at the expense of Russian taxpayer (write off the loan).

  • Veritas

    I suggest our Prez and all our the Russian loving politicians would take some time and reflect over an article in the Russian independent and opposition newspaper Novaja Gazeta, where it’s reveled, that Putin planned his recent adventures in Crimea and estern Ukraine, well before the former Ukrainian President Viktor Janukovytj were toppled. According to Novaja Gazeta, based on leaked documents, the reason for the annexation of parts of Ukraine wasn’t to “protect” the Russian speaking population, but pure economical. Putin is afraid that Ukraine will slip closer to the West and that he(Putin)will loose control over the distriburion of oil and gas. One of the person supporting Putin is the billionaire Konstatin Malofejev with strong links to the separatists.
    Above news is in the International media today and I hope we’ll also see it on our media outlets.

    • Lev

      The medal ‘For the Return of Crimea’ has the dates 20.02.2014 – 18.03.2014
      20.02.2014 is the date of the Kiev sniper massacre, 22.02.2014 is the date when Yanukovich was toppled.

      The Donetsk People’s Republic flag appears on photos dating back to 2013, in the Putin’s youth ‘club’ in Seliger.

    • Michael

      Interesting.

    • divadi bear

      Veritas
      Papier ist gedueldig.

    • Argent

      Very true, there is more to it than that. What do you think Yanukovych was upto before he fled and why did he go to Russia.

  • Alexander Reuterswärd

    and the trade off is?

    • Bystander

      ‘return the money you stole, little boy…’

  • costaskarseras

    Some people regard it as normal that the USA are hugely in debt to China and that the UK goes to great lengths to welcome Chinese investors. The British politicians are only too eager to serve the “national interest“, as we have seen with another “money for access” scandal involving two senior British politicians.

    Cyprus has a long tradition of historical friendship with the Russian people which is based on mutual respect and long it may continue. Unlike another country, Russia never grabbed any of Cyprus’ territory and called it “Russian Sovereign Bases“. Once again, Russia stands next to Cyprus after she fell victim to the neoliberal EU and now Russia is extending a helping hand.

    • Bystander

      Care to get back to the island, Costa?

    • Slomi

      USA and China are mainly in a “revolving” economic bond and both the parties are involved.USA is not the taker only as Cyprus is in this case. Please donot make a incorrect comparison.

    • Veritas

      But they grabbed territory in Ukraine and Georgia, what’s the difference?
      See my comment as well below reg. an article in Novaja Gazetta.
      Putin has ambitions beyond the boarders of Russia.
      As for the “money for access” scandal, if the laws for investigating journalism were as liberal in Russia and Cyprus as in the UK and many other EU countries, we would for sure hear about similar or worse stories in both Russia and Cyprus.
      Don’t go around with blinkers!!

      • Marios Elmar

        About Crimea,pssst…Book from history and learn slowly..Btw…It was ok to support and recognise Kosovo?

      • Marios Elmar

        Double face of EU….Hypocrites….Kosovo like hystorical part of Serbia with 1000 s churches and monasteries now is empty from Serbs…

        • Veritas

          You mean historical, not hystorical maybe like hysterical.
          Please calm down.
          You mix things up.
          It’s important to stay with the subject.
          I’m responding to CK’s one sided versions of realities.
          You’re welcome to discuss that specific subject, otherwise direct you anger somewhere else.

          • Marios Elmar

            Russia grabbed?The same EU grabbed Kosovo from Serbia…Kapisco?Dont comment only coz u have more free time…about gram…sorry mr veritas….without identity and photo

          • Slomi

            Kosovars wanted freedom-they got it. It is a case of victory of people there.

    • Marios Elmar

      Mpravo Mr.Costas…How to explain them..Only EU EU EU…They don t know much about Cyprus.

      • Bemused

        Neither does Costas he left Cyprus over 45 years ago to live in the heart of capitalism he a dreaded “Brit passport holder”

        Suppose if he comes on holiday you can classify him as a tourist

        • Slomi

          Yes Bemused, it is beyond my comprehension that Mr.Kraseras preaches about communism and Russia all the time but he himself lives in UK. How people ignore such a lack of moral character in him and appreciate his deceitful words?

    • Argent

      No Cypriot can call any other country in the world about anything. After what is allowed and encouraged to happen in Cyprus, what the politicians do along with the so called elite and the population that does nothing about it.

  • Richie Cartmann

    those 2.5 billion finished the RoC off then