Russia turns down Cypriot appeals for aid

City A.M. Reporter

RUSSIA has turned down Cyprus’s appeals for aid, leaving the island to strike a bailout deal with the European Union before Tuesday or face the collapse of its financial system.

Cyprus now faces a looming deadline to find billions of euros demanded by the EU in return for a €10bn (£8.5bn) bailout.

Without it, the European Central Bank said earlier this week it would cut off emergency funds to the country's teetering banks, potentially sparking a Cyprus exit from the currency bloc.
Having angrily rejected a proposed levy on tax deposits in exchange for the EU bailout, Nicosia had turned to the Kremlin to renegotiate a loan deal, win more financing and lure Russian investors to cut-price Cypriot banks and gas reserves.