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Cyprus FinMin heading to Russia for loan talks

FXstreet.com (Barcelona) - Reports are emerging that Cyprus finance minister has scheduled a visit with his Russia counter-part in Moscow in order to discuss an existing 2.5 billion euros loan that Moscow approved to Nicosia back in 2011 at a rate of 4.5%. The main aim is to figure out a way to either lower that rate or extend the loan's expiration date until 2020 from 2016.

According to AAP: "In exchange, Moscow was reported to be seeking details about Russian billionaires who held accounts on the island. Russia was also said to be interested in buying a majority stake in Cypriot lender Patriot Bank that is in need of rescue", with the media outlet AAP adding that "estimates vary but the Moody's rating firm estimates that Russian companies and banks keep up to $US31 billion ($A30 billion) in Cyprus. The figure accounts for a third to a half of Cypriot deposits."

Forex Flash: EUR/USD should struggle around 1.2910 - BNZ

For today, in view of Mike Jones, FX strategist at BNZ, the new established uncertainty and risk averse mood "will keep the USD well supported" he says.
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