Cyprus has no plan to leave Eurozone: President

Saturday, March 30, 2013
Cyprus President Nicos Anastasiades
PHOTO:[Flickr/CC BY 2.0]
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.
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