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By MENELAOS HADJICOSTIS, Associated Press NICOSIA, Cyprus (AP) Russia is likely to contribute money to a rescue package that Cyprus is trying to finalize with eurozone partners, the cash-strapped country's finance minister said Tuesday. Vassos Shiarly said leaders from the other 16 EU countries that use the euro are in "high level" talks with Moscow about a contribution to the bailout and that a deal was "probable." "I think it's only a question of time," he told The Associated Press in an interview. The Kremlin confirmed that the two countries' presidents, Vladimir Putin and Dimitris Christofias, spoke by phone about the issue on Tuesday, but gave no details. Cyprus has enough money to survive through April but hopes to sign a final rescue bailout deal in March, after general elections, Shiarly said. The key concern is size. The bailout,cheap toms, most of which would go to help stabilize Cypriot banks, would likely be worth as much as the tiny country's entire yearly economic output of 17.5 billion ($23.51 billion). Many experts say that is too much for the country to be able to pay back. And if Cyprus can't handle its rescue loans, that defeats the purpose of a rescue program,cheap toms shoes sale. Shiarly insisted Cyprus would be able to cope with the bailout which some estimate would push public debt to 140 percent of annual gross domestic product. The government could manage, if deemed necessary,toms shoes coupon, by selling state-owned companies and its controlling stake in Laiki bank, the country's second largest lender, he said. The so-called troika of the European Commission, the European Central Bank and the International Monetary Fund are meanwhile looking for ways to reduce Cyprus' debt load. There has been speculation that the troika might try to impose losses on the Cypriot banks' investors, such as bondholders and depositors, many of which are Russian. That is one reason why Russia, a long-time ally of Cyprus, has been involved in the bailout talks. Cyprus already received a low interest loan of 2.5 billion ($3.36 billion) from Russia two years ago to keep it afloat and has asked to extend its repayment from 2016 to 2021. The left-wing government tried last year to clinch an additional 5 billion loan from Moscow but those talks never yielded a deal. Shiarly said Cyprus' eurozone partners are aware that the country's connection with Russia is a "very strong one." "We have lots of Russian businesses operating from Cyprus, lots of Russian investment has gone through Cyprus in the past, the relationship is a very close one, not to mention the same religious Orthodox (Christian faith) that we maintain," he said. The country has also faced allegations mostly from Germany which is resisting granting a bailout that it's a Russian money laundering hub, something that Cypriot Related articles:

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