Fin Min rubbishes Cypexit report

Finance Minister Harris Georgiades rubbished a German media report claiming Cyprus may follow Greece out of the eurozone if efforts to strike a deal on the neighbouring country’s debt failed.

Der Spiegel magazine reported that the Eurogroup had discussed the scenario of both countries leaving due to their close links.

But it added that it would be more likely that Cyprus would need additional assistance from eurozone members if Greece left the monetary union.

Speaking to Kathimerini  newspaper, Georgiades described the report as nonsense. The finance minister said the Eurogroup has not even discussed a Greek exit let alone a Cypriot one.

The withdrawal of both countries could have a negative impact on all eurozone members, Der Spiegel said.

Even Greece’s exit alone would be very high-cost, the head of the European Stability Mechanism Klaus Regling told the magazine.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.