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Economy

Cyprus Not Leaving Euro, Bank Withdrawal Curbs To Last A Month

AP (USA), BBC, THE GUARDIAN (UK)

Worldcrunch

NICOSIA - Cyprus has no intention of leaving the euro zone, President Nicos Anastasiades said in a press conference on Friday.

“In no way will we experiment with the future of our country,” declared President Anastasiades. He said the situation of the country had been “contained” following its 10 billion euro bailout deal, reports the BBC. "We have averted the risk of bankruptcy," he said.

On Thursday, banks on the island-nation opened for the first time in two weeks and although there were big queues, the frenzy that the media had predicted, did not happen, with Cypriots remaining calm.

According to the Guardian, Foreign Minister Ioannis Kasoulides announced that the limit on withdrawals would be in place for about a month – just 24 hours after the population was told that the measures would only last for a week. This is the first time that capital controls have been imposed on a euro zone member state. They aim to prevent an exodus that would destroy what is left of the Cypriot banking system.

Anastasiadis, who was only elected one month ago, says the AP, also announced that he would be taking a 25% wage cut, with many ministers also taking a 20% cut, but many Cypriots feel that they are unlikely to be affected by the crisis situation on the island.

In the Times today ! . #cyprustwitter.com/AnthonyPepeEA/…

— Charlie Perdios (@AnthonyPepeEA) March 29, 2013

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