BUSINESS

Euro Working Group touched on Cyprus euro exit, capital controls, source says

By Nikos Chrysoloras

Brussels - The possibility of Cyprus exiting the eurozone was discussed during teleconference involving technocrats from the Euro Working Group on Wednesday, Kathimerini understands.

A reliable source told Kathimerini that the technical implications of a euro exit, as well as the adoption of capital controls were debated by the Euro Working Group officials during the teleconference.

According to the same official, the technicalities of a possible exit of Cyprus from the eurozone were not the main focus of the discussions.

In detailed notes of the call seen by Reuters, the group’s chair Austria's Thomas Wieser said: “The economy is going to tank in Cyprus no matter what. Restrictions on capital will probably be imposed.”

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