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Domino Effect: If Greece Leaves Eurozone, Cyprus May Follow

© Flickr / Kasi MetcalfeCyprus flag
Cyprus flag - Sputnik International
Eurogroup finance ministers discussed an extreme scenario, according to which both countries may leave the monetary union.

The economies of Greece and Cyprus are so closely intertwined that Cyprus may leave the monetary union following Greece, Eurogroup financial experts assume.

Cyprus was de facto divided between the Greek and Turkish communities in 1974 - Sputnik International
Cyprus Could Learn From Irish Peace Process - EU Parliamentarian
The German “Der Spiegel” magazine reported that finance ministers said Cyprus may have additional impetus to return to its national currency if Greece leaves the eurozone. More likely is however, that Cyprus will receive additional financial assistance from eurozone members.

The withdrawal of both countries may have a negative impact on all members of the monetary union. Even the withdrawal of Greece alone would be very “high-cost” for all eurozone states, ESM head Klaus Regling told the magazine.

The Eurogroup includes finance ministers from eurozone states, representatives of the European Commission and the European Central Bank.

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