Bloomberg News

Cyprus Is in Talks With Potential Bond Buyers, Kazamias Says

March 02, 2012

Cyprus will have talks with a potential investor who has shown interest in buying government securities worth about 500 million euros ($660 million), Finance Minister Kikis Kazamias said.

Other foreign investors and contacts have also expressed “interest to invest in Cypriot government securities of defined maturity,” Kazamias told reporters in Nicosia today, adding that he has a meeting with a potential investor scheduled for today.

Politis, a Nicosia-based newspaper, reported today that Kazamias will meet a Thai businessman interested in investing as much as 500 million euros.

Kazamias said other countries and financial institutions have also shown interest.

Cyprus, which was shut out of international markets in May, resorted to a 2.5 billion-euro bilateral loan from Russia to finance its fiscal deficit and to refinance maturing debt this year. The finance ministry is targeting a fiscal gap of 2.5 percent of gross domestic product this year, compared with about 6 percent in 2011.

Kazamias said that if there is another bilateral inter- state loan, he will inform the European Union “thoroughly and in good time.”

The minister added that he will consider it a success if Cyprus regains access to international markets “before the end of 2012.”

To contact the reporter on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus