Cyprus May Presell Gas Reserves to Ease Crisis

NICOSIA, Cyprus (AP) -- Cyprus may presell the country's offshore gas reserves to raise cash quickly and pull it out of its deep financial crisis.

Finance Minister Harris Georgiades also told the Associated Press in an interview Thursday that limits on bank transactions that were put in place last March to prevent a bank run will be fully lifted eventually, but authorities won't act "hastily."

He said selling Cyprus' gold reserves may not be necessary if the country finds other income to repay a 10 billion euro ($12.9 billion) rescue loan it agreed to with its euro partners and the IMF.

Georgiades said there would be no delay to Russia's easing of the terms of a 2.5 billion euro loan it granted Cyprus in 2011, when it lost access to bond markets.


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