President of Cpyrus says country was a euro 'experiment'
Friday 29 March 2013
In a speech laden with criticism of Europe’s currency union for “experimenting” with the island’s fate, the president of Cyprus has said the risk of bankruptcy has been contained and it has no intention of leaving the euro.
Nicos Anastasiades was speaking a day after banks reopened following an almost two-week shutdown to avert a run on deposits by worried Cypriots and wealthy foreign depositors as the country raced to secure a rescue package from the European Union.
Mr Anastasiades said restrictions imposed on bank transactions in Cyprus – unprecedented in the currency bloc since euro coins and banknotes entered circulation in 2002 – would be gradually lifted. But he gave no time frame.
Barely a month in the job and wrestling with Cyprus’s worst crisis since the 1974 war that split the island in two, he accused the 17-nation euro currency bloc of making “unprecedented demands that forced Cyprus to become an experiment”.
But he added: “We have no intention of leaving the euro. In no way will we experiment with the future of our country.”
Cyprus’s difficulties have sent jitters around the already fragile eurozone, and the imposition of capital controls has led economists to warn that a second-class “Cyprus euro” could emerge, with funds trapped on the island worth less than euros that can be freely spent abroad.
European leaders have insisted the tax raid on big bank deposits in Cyprus is a one-off that is needed to tackle a debt crisis that refuses to be contained.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Lana Del Rey: 'I have slept with a lot of guys in the industry'
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines MH17 crash: Was a Russian-made missile really parked in this quiet square?
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
£49000 - £55000 per annum + competitive: Progressive Recruitment: My client is...
£48000 - £54000 per annum + Benefits package: Progressive Recruitment: My clie...
£35000 - £45000 per annum + competitive: Progressive Recruitment: If you're pa...
£45000 - £55000 per annum + competitive: Progressive Recruitment: SAP Business...