Cyprus says Crimea crisis unlikely to hurt economy's gains from Russian, Ukrainian business

NICOSIA, Cyprus – Cyprus’ finance minister says the government isn’t “particularly concerned” that the ongoing crisis in the Ukraine will harm the bailed-out country’s economy.

Cyprus counts on tourism and business from Russia and the Ukraine to buoy its economy, which is projected to shrink by 4.8 per cent this year.

Cyprus received a 10 billion-euro ($13.76 billion) rescue package from other eurozone countries and the International Monetary Fund amid a severe banking crisis a year ago.

Harris Georgiades met Monday with his Dutch counterpart Jeroen Dijsselbloem, who also chairs the meetings of the eurozone’s 18 finance ministers.

Dijsselbloem said he’s optimistic that Cyprus “will recover within a short period of time” because the government is faithfully implementing the terms of its rescue agreement.