Cyprus: EU bailout, Russian loan compatible

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NICOSIA, Cyprus (AP) — Cyprus' president defended his government's decision to seek financial aid from the island nation's eurozone partners while at the same time asking for a loan from Russia.

Dimitris Christofias said Thursday that he sees nothing wrong with simultaneously pursuing a loan from Russia that may come with better terms than a European Union bailout.

But Christofias stressed that "there's no issue" of Cyprus refusing bailout funds loan if it clinches a Russian loan.

Cyprus last week became the fifth country that uses Europe's common currency to seek a bailout in order to prop up its large, Greece-exposed banking sector.

The country is currently in talks with officials from the European Commission, the European Central Bank and the International Monetary Fund on how much bailout money it will need.