Cyprus Finance Minister Michael Sarris said on Tuesday that exit from the European single currency was not being contemplated and would be disastrous for the island.

"The exit of Cyprus from the euro zone, which could mean the exit from the EU, would be disastrous, politically and economically. We do not even want to contemplate it," Sarris told reporters.

(Reporting by Michele Kambas; Editing by Giles Elgood)