Cyprus Won’t Leave Euro, President Says

With banks reopened, it's unclear how long capital controls will remain in effect.

Cypriot President Nicos Anastasiades vowed to keep his country in the euro as Cypriots adapted to a second day of restrictions on their use of the common currency to prevent a financial collapse.

The government averted panic withdrawals yesterday when it allowed banks to open for the first time in almost two weeks. The curbs on access to cash are designed to prevent a run on deposits after Anastasiades forged an agreement with the euro area on a financial rescue that is being funded in part by those with deposits of more than 100,000 euros in the nation’s two largest banks.

April Meeting

 

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