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Cyprus
President Nicos Anastasiades
PHOTO:[Flickr/CC BY 2.0]
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Nicosia: The President
of Cyprus has said his island country has "no intention" to make exit from 17-nation
euro currency union.
Addressing
a civil servants conference in the capital, Nicosia , Nicos Anastasiades said
that the risk of bankruptcy has been contained but Cyprus has no intention of
quitting the eurozone.
Emphasising
that his country will have to make sacrifices to restore its debt-plagued
economy, s the economy unfolded in a
violent way.
Cyprus this
week has reached a crucial 10 billion-euro ($13 billion) bailout deal with the
European Union and the International Monetary Fund.
As part of
the bailout deal, the Cypriot central bank imposed restrictions on capital
movement to avoid a run on the banks and the collapse of financial
institutions.
Cyprus has
agreed to confiscate 40 percent or more from the biggest, uninsured accounts
above $130,000 to help pay for the rescue.