News Headline Summary

Cypriot finance minister is to send a letter to Moscow to formally ask for changes in the repayment of the EUR 2.5bln loan extended to Cyprus in 2011, according to state radio

- Cyprus will ask for an extension of maturity, and payment via instalments instead of full repayment in 2016 as previously agreed.

Update details:

- This follows a Troika document yesterday revealing that Russia had agreed to extend their loan to Cyprus by 2 years to 2018 & cut interest.

Reaction details:

- The above comments were pre-empted by the Troika release yesterday, and as such - no reaction across the European asset classes.

Print 09:49, 07 May 2013 - Economic commentary - Source: CyBC