Russia Rejects Cyprus Rescue Bid

Cypriot lawmakers begin debate on ways to avoid financial collapse as EU deadline looms.

Russia spurned Cyprus’s offers of assets for a bailout as the island nation’s lawmakers begin debate on legislation to avert a financial collapse.

“I think we aren’t able to get the support that we wanted to get,” Cypriot Finance Minister Michael Sarris said in an interview after checking out of the Lotte Hotel in Moscow. “But we must go back home because things are getting serious.”

‘Not Ready’

“I think the loan will be extended and the conditions adjusted,” Sarris said. “But the rest of the support, we are not ready to have concluded anything.”

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