Cyprus considers a no-deal Brexit unthinkable, even though the island nation is unlikely to be seriously affected by the disorderly scenario and even might benefit from it, Cypriot Finance Minister Harris Georgiades told Sputnik on Thursday
MOSCOW (Pakistan Point News / Sputnik - 28th February, 2019) Cyprus considers a no-deal Brexit unthinkable, even though the island nation is unlikely to be seriously affected by the disorderly scenario and even might benefit from it, Cypriot Finance Minister Harris Georgiades told Sputnik on Thursday."We are not particularly concerned about the direct negative consequences [of a no-deal Brexit] for Cyprus. But we are more interested in maintaining stability across Europe, and an exit without an agreement will jeopardize the stability. So, in my view, it will be unthinkable [for the United Kingdom to] exit without an agreement," Georgiades said.
The minister stressed that a withdrawal without a divorce agreement would harm, first and foremost, London itself.
"In the event of significant uncertainty for all of us, let's say, Cyprus may actually stand to benefit because we are an economy which is moderate on the Anglo-Saxon business, moderate on the Anglo-Saxon legal framework. We are a kind of a small replica of the City of London," Georgiades stated.
The United Kingdom is set to leave the European Union on March 29. While London has managed to negotiate a withdrawal deal with Brussels, the UK parliament has been refusing to endorse the deal due to the controversial provision on the Irish border backstop, contributing to fears of a no-deal Brexit. On Wednesday, the UK parliament agreed to have another vote on the terms of Brexit by mid-March, with an option to delay the exit if both a new deal and a no-deal scenario are rejected.
