Tags: Cyprus | euro | exit | europe

Cyprus Government Rejects Euro Area Exit

Monday, 08 Apr 2013 10:36 AM

Cyprus' new finance minister is ruling out any notion that the cash-strapped country will abandon the euro as its currency.

Harris Georgiades says the government is not looking at any other alternatives and remains committed to implementing the terms of a bailout deal with its euro partners and the International Monetary Fund.

Last month, Cyprus agreed that bondholders, investors and savers with more than 100,000 euros in the country's two largest — and most troubled — banks will take significant losses in exchange for a 10 billion euro ($13 billion) rescue package.

Georgiades says Monday that Cyprus' exit from the 17-country eurozone would effectively crush the economy. He also says limits on accessing accounts, which have been imposed to prevent a potential run on banks, will be lifted gradually.

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Cyprus' new finance minister is ruling out any notion that the cash-strapped country will abandon the euro as its currency.Harris Georgiades says the government is not looking at any other alternatives and remains committed to implementing the terms of a bailout deal with...
Cyprus,euro,exit,europe
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2013-36-08
Monday, 08 Apr 2013 10:36 AM
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