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Cyprus will not leave the euro, says president Cyprus will not leave the euro, says president
(35 minutes later)
Cyprus has no intention of the leaving the European single currency, the country's president says.Cyprus has no intention of the leaving the European single currency, the country's president says.
President Nicos Anastasiades said: "In no way will we experiment with the future of our country". President Nicos Anastasiades said: "In no way will we experiment with the future of our country."
He said the financial situation was "contained" following the 10bn euro bailout deal with the EU and IMF.He said the financial situation was "contained" following the 10bn euro bailout deal with the EU and IMF.
Banks opened on Thursday for the first time in nearly two weeks amid severe new rules imposed as part of the bailout deal.Banks opened on Thursday for the first time in nearly two weeks amid severe new rules imposed as part of the bailout deal.
Queues formed of people trying to access their money, but the mood was generally calm.Queues formed of people trying to access their money, but the mood was generally calm.
By Friday, banks had returned to their normal working hours and there were no longer reports of big queues.By Friday, banks had returned to their normal working hours and there were no longer reports of big queues.
Cyprus is the first eurozone member country to bring in capital controls as part of the conditions of the bailout, and to prevent a run on bank deposits. "We have averted the risk of bankruptcy," Mr Anastasiades said on Friday. "The situation, despite the tragedy of it all, is contained."
Foreign Minister Ioannis Kasoulides has said such controls - which include restrictions on cash withdrawals, money transfers and the movement of cash in and out of Cyprus - could remain in place for a month. He told a meeting of civil servants: "We have no intention of leaving the euro."
Speaking in Nicosia on Friday, Mr Anastasiades accused other members of the eurozone of making "unprecedented demands that forced Cyprus to become an experiment". But he accused other members of the eurozone of making "unprecedented demands that forced Cyprus to become an experiment".
But he told a meeting of civil servants: "We have no intention of leaving the euro." Cyprus needs to raise 5.8bn euros ($7.4bn; £4.9bn) to qualify for the bailout, and has become the first eurozone member country to bring in capital controls to prevent a torrent of money leaving the island and credit institutions collapsing.
"We have averted the risk of bankruptcy," he said. "The situation, despite the tragedy of it all, is contained." As well as a daily withdrawal limit of 300 euros, Cypriots may not cash cheques and those leaving the country will only be allowed to take 1,000 euros with them.
Payments and/or transfers outside Cyprus via debit and or credit cards are allowed up to 5,000 euros per person per month.
Depositors with more than 100,000 euros will see some of their savings exchanged for bank shares.
Foreign Minister Ioannis Kasoulides said on Thursday that such controls could gradually be lifted over the course of the month.
But many economists predict the controls could be in place for much longer.