Comment
0
Tweet
0
Print
RSS Feeds

Cyprus government rejects euro area exit

Monday - 4/8/2013, 11:38am  ET

NICOSIA, Cyprus (AP) -- 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 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.