ECB's Nowotny says Cyprus is a special case -APA

VIENNA, March 18 Mon Mar 18, 2013 7:35am EDT

Related Topics

VIENNA, March 18 (Reuters) - Cyprus is a special case and other countries should not fear contagion from the terms of its bailout that include levying a one-off tax on bank deposits, European Central Bank Governing Council member Ewald Nowotny told Austria's ORF radio on Monday.

"For other countries, there is absolutely no reason to fear contagion," said Nowotny, noting that Cyprus's banking system accounted for an above-average proportion of national output, and that the island nation had a particularly high share of foreign depositors.

"In this sense, there is nothing to fear," he said, adding alternatives to Cyprus's bailout package would have been worse.

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article