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Cypriot President Says Bankruptcy Avoided, No Plan To Leave Euro

Cypriot President Nicos Anastasiades addresses a conference of civil servants in Nicosia on March 29.
President Nicos Anastasiades says the risk of bankruptcy has been contained and Cyprus has no intention of leaving the euro.

Cyprus this week secured a crucial 10 billion-euro ($13 billion) bailout deal with the European Union and the International Monetary Fund.

However, Anastasiades said the bailout came in exchange for "unprecedented demands that forced Cyprus to become an experiment."

As part of the bailout deal, the Cypriot central bank imposed restrictions on capital movement to avoid a run on the banks and the collapse of financial institutions.

Cypriot banks reopened on March 28 after remaining closed for nearly two weeks.

On March 29, the central bank issued new rules on capital controls saying there were no limits on debit and credit-card transactions made inside the country.

Based on reporting by Reuters and AFP