ECONOMY

Cyprus repeats call for Greek debt restructuring

cyprus-repeats-call-for-greek-debt-restructuring

Cyprus says it has been the only bailed-out country in the 19-country eurozone to support Greece’s demand for restructuring its massive debt.

Government spokesman Nicos Christodoulides has told state radio that Cyprus’ president and finance minister backed a restructuring of Greek debt and negotiations between Greece and its creditors need to begin immediately.

Cypriot Finance Minister Harris Georgiades said last week that the country could consider writing off 330 million euros ($370 million) in rescue loans to Greece if other eurozone countries agreed on a deal to lighten the country’s debt load.

Cyprus became the fourth eurozone country to be bailed out in 2013 following Greece, Ireland and Portugal.

[AP]