March 30, 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.