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Russians consider lawsuits over Cyprus losses
RUSSIAN businesses and banks that face losses from the European Union's bailout of Cyprus are considering legal action but may have a hard time making a case, say lawyers who are combing through treaties to find strategies to recover funds.Big depositors - many of them Russian - face losses of up to 40 per cent as the result of a so-called 'bail-in' to back €10 billion in EU financial aid to stabilise the Cypriot banking system."It's worth trying, it's not going to be easy, its not going to be a one-off, 24-hour court case, but the nature of the action itself sounds like expropriation," said Andrey Goltsblat, managing partner at Moscow-based law firm Goltsblat BLP... 7 comments
The Russians are our friends: famous last words from Demetris Christofias
ON A HOT morning in July last year, Cypriot President Demetris Christofias sat with a group of journalists on the stage of the sleekly modern National Theatre in Nicosia and beamed as he talked about his warm ties with Russia.The communist party leader, who met his wife and earned his doctorate in Moscow, told the Brussels-based reporters that Cyprus could easily overcome its financial troubles with help from both Russia and the European Union."The Russians, as good friends of Cyprus, want to take care of us," he said breezily, dismissing a question with a wave of his hand and smiling, his dark eyebrows rising with amusement towards his thick grey hair... 9 comments
‘Russians don’t want to leave the island. They feel safe here’
RUSSIAN residents have expressed solidarity with Cyprus in the wake of Parliament’s ‘no’ to the troika on a bailout deal.According to Russian entrepreneur and editor of Russian community website sevodnya.com, Irina Bykova, Cypriot’s “show of strength” inside and outside parliament on Tuesday endeared them to their Russian counterparts.“Russians don’t want to leave the island, they feel safe here, and so they are waiting to see what decisions will be made both in Nicosia and Moscow in the coming days,” she said. ... 5 comments
