Cyprus will not quit the euro despite the harsh terms of an EU-led bailout deal that saved the island from bankruptcy, President Nicos Anastasiades was quoted by state media as saying on friday.’We will not leave the euro and I stress that,’ Anastasiades told an annual conference of civil servants in the capital Nicosia, the Cyprus News Agency reported. ‘I repeat, we will not engage in risky experiments that will endanger the future of our country.’
The right-wing president said that when he took office around a month ago the country was bankrupt. He criticised the previous government for pouring money into the island’s second largest lender Laiki, or Popular Bank, which will be wound up under the terms of the bailout. Cyprus adopted euro in 2008. It agreed on the 10-billion-euro (USD 13-billion) rescue package in Brussels on Monday.
The right-wing president said that when he took office around a month ago the country was bankrupt. He criticised the previous government for pouring money into the island’s second largest lender Laiki, or Popular Bank, which will be wound up under the terms of the bailout. Cyprus adopted euro in 2008. It agreed on the 10-billion-euro (USD 13-billion) rescue package in Brussels on Monday.