March 24, 2013
Cyprus offered bailout from Russian energy firm Gazprom...if they sell offshore gas rights
The huge multinational already own vast gas deposits in Siberia, and reportedly want the beleaguered country's Mediterranean Sea rights.
The firm are reportedly looking to acquire the rights as the emergence an independent gas industry in Cyprus would undercut their pricing power.
The news of a private financial package comes as Germany warned the country's banks may never reopen if a bailout is not agreed.
The German Chancellor Angela Merkel said: "It is important that Cyprus gets a sustainable banking sector in the future.
"The current banking sector is not sustainable."