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Fin Min rubbishes Cypexit report

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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.

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