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Cyprus government rules out abandoning euro; to continue gradual lifting of capital controls

Cyprus' new finance minister is ruling out any notion that the cash-strapped country will abandon the euro as its currency.

Harris Georgiades says the government is not looking at any other alternatives and remains committed to implementing the terms of a bailout deal with its euro partners and the International Monetary Fund.

Last month, Cyprus agreed that bondholders, investors and savers with more than 100,000 euros in the country's two largest — and most troubled — banks will take significant losses in exchange for a 10 billion euro ($13 billion) rescue package.

Georgiades says Monday that Cyprus' exit from the 17-country eurozone would effectively crush the economy. He also says limits on accessing accounts, which have been imposed to prevent a potential run on banks, will be lifted gradually.