Cypriot pension fund nationalisation unacceptable-Merkel quoted

BERLIN, March 22 Fri Mar 22, 2013 4:23am EDT

BERLIN, March 22 (Reuters) - German Chancellor Angela Merkel told lawmakers on Friday the nationalisation of pension funds in Cyprus would not be an acceptable way of plugging a hole in its finances to qualify for an international bailout, parliamentary sources said.

Merkel was also quoted by two MPs from her centre-right coalition as saying that debt sustainability and the restructuring of its banks must be core elements of any new Cyprus deal, which she called an matter of "credibility".

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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