MOSCOW (Sputnik) – The Republic of Cyprus is capable of balancing its membership of the European Union and friendly ties with Russia, Cypriot Foreign Minister Yannis Kasulidis told Sputnik Turkey on Thursday.
"Cyprus is able to maintain a stable balance of its membership of the EU and friendly relations with Russia," the minister stressed.
Cyprus joined the European Union as part of the bloc's enlargement in 2004.
Kasulidis argued that Moscow understands and respects the current state of affairs, evoking Russian President Vladimir Putin’s recommendation to resolve Cyprus’ 2013 banking crisis.
The write-down reduces the annual interest rate by 2 percent and delays the repayment of $2.7 billion Cyprus received in 2011, due to be repaid in mid-2016, further into 2018-2021.
Kasulidis said the worst of the crisis is behind and lauded Russia for being able to uphold friendly ties with Cyprus.
"Russia has traditionally developed multilateral relations with Cyprus. Our cooperation should be expanded further," Kasulidis said.
Cyprus was hit by a financial crisis in 2012-2013, leading to the collapse of its banking system and the pre-default state of the country's economy.
In March 2013, the Eurogroup ministers announced a $13-billion bailout loan in return for closing the country's second largest bank and imposing a one-time deposit levy on all uninsured deposits.
