Cyprus considered exiting the euro zone in March

May 10, 2013 5:51 PM

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Post office reports $1.9 billion loss in second quarter, warns losses will continue to mount

The exit idea was shelved after it was estimated that reinstating the Cypriot pound would have caused an immediate 40 percent drop in the value of the new currency, devastating a small island that relies heavily on imports.

Also read: Weak Sterling to Steer Virgin Atlantic to Loss This Year

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