Mr Kasoulides said the implications for Cyprus in a “no deal” Brexit scenario would “not be good”.
Speaking to RT UK, he said: “They are not going to be good and we will lose out.
“And for the United Kingdom, they will lose out to all 27 member states.
EU officials warned that a “no deal” Brexit would leave a €20 billion black hole in the EU’s seven-year budget and they would not be there to help the UK soften its landing.
A senior EU diplomat connected with the Brexit negotiations told The Daily Telegraph: “This is pure fantasy, the idea of a ‘no deal deal’ completely fails to understand the EU, or the fury that would result if the British leave without paying their bills.”
Theresa May suggested she would be willing to pay €53bn for the Brexit “divorce bill”, a figure three times higher than originally anticipated, according to a report from the Sunday Times.
Following the EU Summit last month, Theresa May said that “important progress” was made on Brexit and she was confident of making progress by the December trade talks.
The sixth round of Brexit negotiations is set to begin on Thursday following fears from the European Union’s chief negotiator that talks are at a “disturbing” deadlock.
During the annual conference of the Confederation of British Industry (CBI) on Tuesday, Mrs May said: ”Our EU negotiating team is now preparing for the next phase, and I particularly welcome the beginning of internal discussions among the EU 27 about their position on our future relationship and the implementation period.”