Haris Georgiades

Cyprus to repay Russian loan early

Cyprus is considering the issuance of a new bond to repay part of the Russian loan. Back in 2011 Cyprus sought Russian assistance at a time when it had no access to financial markets, as Demetris Christofias's government was trying to avoid requesting a bailout from the EU and the IMF.

Stop the Brexit clock, Cyprus FinMin tells Bloomberg

"We should stop the clock on Brexit, take a pause, postpone the exit," Cyprus Finance Minister Haris Georgiades said Tuesday in an interview with Bloomberg in Brussels.

"'Considering where we are; we fully respect the Brexit decision but exiting without a deal, without an arrangement is unthinkable," Georgiades said.

Cyprus gov’t spending to rise only 0.6 pct in 2015

The Cypriot Parliament has adopted a government budget that envisions an increase in spending of only 0.6 percent.

The budget forecasts state revenue of 5.928 billion euros compared with 5.952 billion euros in 2014, with spending of 6.660 billion euros.

The House of Representatives approved the tight spending plan late Tuesday by a vote of 29-26.