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Gazprom Offers Cyprus Bank Restructuring Deal to Avoid EU Bailout | Greece.GreekReporter.com Latest News from Greece

Russian energy giant Gazprom has offered the Republic of Cyprus a plan in which the company will undertake the restructuring of the country's banks in exchange for exploration rights for natural gas in Cyprus'’ exclusive economic zone, local media reported.

Representatives of the Russian company submitted the proposal to the office of Cypriot President Nicos Anastasiades on Sunday evening, Sigma TV reported.

The proposal states that Gazprom will fund the restructuring of the country's crippled financial institutions in exchange for substantial control over the country's gas resources while Cyprus won't need to take the harsh bailout package offered by the EU.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Mar 18th, 2013 at 07:23:06 AM EST
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