Cyprus Appeals for Help to Russia

People ♦ Published: March 20, 2013; 11:23 ♦ (Vindobona)

In a vote on Tuesday the government has decided not to use the private money of Cyprus‘ citizens to help bail out the banks. After the rejection, the EU aid package is now off. Cyprus hopes rest on Russia at this point.

Cyprus Appeals for Help to Russia / Picture: © Wikipedia / Túrelio

Cyprus is currently trying to find other sources in order to avoid a complete collapse of its financial system. After the parliament rejected the conditions to receive the € 10bn worth EU aid package, Cyprus’ president Nikos Anastasiades had a phone conference with Russian president Vladimir Putin who agreed to meet. In a desperate attempt to aquire financial support, Finance…