FINANCE Minister Haris Georgiades said that leaving the eurozone would take Cyprus back "centuries" and insisted the island has no "Plan B" for reneging on a 10 billion euros ($A12.63 billion) bailout.
Leaving the European single currency, Georgiades told parliament's finance committee, was "not up for discussion".
"It's time to correct past mistakes. It's time to pay the bill. We can only spend what is in our pocket. There is no other option," the minister told the committee, which is looking into how Cyprus ended up with controversial and unpopular bailout terms.
"It's a question of reality. Government instructions to the ministries will be to compile next year's budget essentially from scratch. Each item, each programme of the ministries must be explained and justified," Georgiades said.
Addressing the committee earlier, central bank chief Panicos Demetriades blamed Cyprus's political leaders for the harshness of the terms of the bailout.
Under the deal struck with the European Union, European Central Bank and International Monetary Fund, Cyprus will drastically reduce the size of its bloated banking sector, raise taxes, downsize the public sector workforce and privatise some state-owned firms.
The terms of the final bailout, Demetriades said, was a "political decision" with the central bank having the "institutional responsibility of addressing the painful situation".
"I understand there is anger and insecurity from the public. This is why I am here to present the facts with evidence, so everyone understands what really happened," he said.
Demetriades has been widely accused of mishandling the bailout deal and of destroying the island's banks, amid a groundswell of demands that he resign.
"The reforms are unprecedented for the Cypriot banking system and they were expected to cause a reaction," the central bank governor said.
"I respect and understand the people and the difficulties they face."
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