Russia spurned Cyprus's offers of assets for a bailout as theisland nation's lawmakers begin debate on legislation to avert afinancial collapse.

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

Cypriot lawmakers begin debating legislation today to prevent afinancial meltdown as the European Central Bank threatens to cutoff a lifeline for the country's banks in three days unless abailout agreement with the European Union is reached. Russiancompanies and individuals may have about $31 billion of deposits inCyprus, which in turn is the biggest source of foreign directinvestment in Russia.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.