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Tags: Cyprus | euro | exit | europe

Cyprus Government Rejects Euro Area Exit

Monday, 08 April 2013 10:36 AM EDT

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.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
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
127
2013-36-08
Monday, 08 April 2013 10:36 AM
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