Cyprus: Ukraine crisis won't harm economy

The Cypriot government saidMonday that the crisis in Ukraine isn'tlikelytoharmthebailedoutcountry'seconomy, which counts on tourism and business from Russia and the Ukraine forgrowth, AP reported.Cyprus has long been a popular place for Russians and Ukrainians to hold bankdeposits and open companies thanks to an advantageous tax regime. But as Europeand the U.S. slap sanctions on Russia and Ukraine's economy is infreefall afterMoscow annexation of the Crimean Peninsula, some fear a knock-on effect on Cyprus.The island's economy is projected to shrink by 4.8 percent this year before bouncingback in 2015."We are not particularly concerned that the Cypriot economy will be negativelyimpacted by the developments," Harris Georgiades said of the Ukrainian crisis after talks with his Dutch counterpart Jeroen Dijsselbloem, who also chairs the meetings ofthe eurozone's 18 finance ministers.Cyprus received a 10 billion-euro ($13.76 billion) rescue package from other eurozonecountries and the International Monetary Fund amid a banking crisis a year ago.