Cyprus: President says bankruptcy threat averted

Cypriot President Nicos Anastasiades. Picture: Getty
Cypriot President Nicos Anastasiades. Picture: Getty
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CYPRIOT president Nicos Anastasiades has said that the country has no intention of leaving the Euro, and that the threat of default has been averted.

In a speech today the president accused EU ministers of “experimenting” with the country. Eurozone officials imposed a levy on all bank deposits over 100,000 euros, and there are currently limits on the amount of money that citizens can withdraw and move at any one time.

Anastasiades said: “We have no intention of leaving the euro. In no way will we experiment with the future of our country.”

Cypriot banks were closed for almost two weeks due to a series of impromptu and pre-planned bank holidays, leaving the public struggling to withdraw their cash. Cypriot Foreign Minister Ioannis Kasoulides said yesterday that he believed the restrictions on money movement would remain for “about a month”.

Cypriot authorities said on Friday that cheques could be used to make payments to government agencies, with a limit of 5,000 euros. Anything more than 5,000 euros would require Central Bank approval. This reversed the previous position where all chequing was prohibited.