BUSINESS

Cyprus has drafted plan to deal with fallout of Grexit, Anastasiades says

Cyprus President Nikos Anastasiades told a media conference in Nicosia on Friday that Nicosia has a backup plan to deal with the fallout of a possible Greek exit from the eurozone.

"I want to believe that there is no such risk," Anastasiades said in response to a reporter's question. But to be on the safe side, Nicosia has "prepared a plan to deal with whichever outcome may transpire," Anastasiades said, citing a Cypriot saying according to which "forward-looking children cook before they get hungry."

Anastasiades added that there was no "great" risk to the Cypriot economy in such a case and that measures had been drawn up to tackle "the minimal risk... and reduce it further."

Also on Friday, Anasastasides announced that Cyprus will next week lift the last of the capital controls that were imposed two years ago as part of a 10-billion euro European bailout.

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