Gazprom denies offering Cyprus deal

Gazprom denies offering Cyprus deal

The Cypriot President has called an emergency meeting of party leaders in a frantic effort to put together a plan B after MPs rejected the terms of an EU bailout aimed at saving the country from bankruptcy.

Lawmakers yesterday flatly rejected the terms of an EU-IMF bailout that included a tax on peoples' savings.

Eurozone finance ministers say they remain ready to help Cyprus.

However the German Finance Mininster has warned the country against "irresponsible solutions".

The government is expected to try other ways of making up the €5.8bn shortfall. They are considering a bond issue, bank restructuring and will also try to secure more Russian investments.

Russians hold between one third and half of all Cypriot deposits.

Local media have speculated that one proposal on the table in Moscow is for the Russian natural gas giant Gazprom to come in and inject the banks with cash in exchange for interest in the island's offshore energy fields.

Gazprom has refused to confirm that this offer, also reported by Cypriot media, is under discussion.

Opposition MP Pambos Papageorgiou thinks the bank closure will stop a run on the country's banks.

More on this topic

Finance minister quits after investigation announcedFinance minister quits after investigation announced

Cyprus banks reopen; some customers call it 'chaos'Cyprus banks reopen; some customers call it 'chaos'

Cyprus banks to open with €300 cash curbCyprus banks to open with €300 cash curb

MEP Childers: Cyprus bailout an 'incompetent mess'MEP Childers: Cyprus bailout an 'incompetent mess'

More in this Section

Low-cost arthritis drug could treat patients with blood cancers – studyLow-cost arthritis drug could treat patients with blood cancers – study

Swinson: No-deal Brexit like burning your own house downSwinson: No-deal Brexit like burning your own house down

New York prosecutors subpoena Trump tax returnsNew York prosecutors subpoena Trump tax returns

‘Looking like’ Iran was behind Saudi Arabia oil installation attacks, says Trump‘Looking like’ Iran was behind Saudi Arabia oil installation attacks, says Trump


Lifestyle

Make-up artist Terry Barber reveals the secret to pulling off the bold lip look.This is how to make black lipstick work in real life, according to a catwalk make-up pro

Off to the Japan? After a trip to Tokyo, Ella Walker outlines the best things to eat between matches.These are the dishes to try if you’re going to Tokyo for the Rugby World Cup

It still surprises me as I am achingly private and do not enjoy being at the centre of attention.This Much I Know: Actor Aislin McGuckin

Bride Geraldine O’Donovan felt as wonderful as she looked on her big day — knowing she was supporting a cause close to her heart as she donned her wedding gown.Wedding on the Week: Supporting a cause close to their hearts

More From The Irish Examiner