Cyprus holds crisis talks in Russia

March 20, 2013 22:37

Cyprus's finance minister was holding talks in Moscow on Wednesday to secure economic assistance from the Kremlin after his country's parliament rejected a 10bn EU-led bailout.

The proposed rescue deal requires 5.8bn to be seized from Cypriot bank accounts.

But the island's interior minister warned that international lenders would not accept a "Plan B' being hatched in Nicosia. This involves nationalising pension funds and an emergency domestic bond issue to be backed by future revenues from an offshore gas discovery.

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