facebook
twitter
search
search

Crisis contained, says Cypriot president

March 29, 2013 at 7:07 AM
| License Photo

NICOSIA, Cyprus, March 29 (UPI) -- Cypriot President Nicos Anastasiades said Friday that Cyprus would remain in the eurozone but criticized the bailout deal that made that possible.

Anastasiades, speaking in Nicosia, said the bailout deal from Brussels made "unprecedented demands that forced Cyprus to become an experiment."

"We have averted the risk of bankruptcy. The situation, despite the tragedy of it all, is contained," he said.

The BBC reported that restrictions on bank withdrawals in Cyprus could remain in effect for a month, although there are no longer lines of anxious depositors seeking withdrawals from the country's banks.

Cyprus imposed restrictions on how much money could be taken from bank accounts and how much could leave the country to prevent a run on banks as depositors tried to avoid a tax imposed on larger bank accounts or feared the banks would fail.

Cyprus is the fifth eurozone country to receive a bailout, joining Greece, Ireland, Portugal and Spain.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Momentum builds behind giant Norwegian oil field
BP to settle with U.S. coastal states
Hess completes Bakken joint venture
New oil expected offshore New Zealand
California driving global low-carbon effort