March 18, 2013 / 11:11 AM / 4 years ago

Germany open to changing Cyprus deal

1 Min Read

BERLIN, March 18 (Reuters) - The German government said on Monday it was open to changing a bailout deal for Cyprus that foresees small savers in the Mediterranean island's banks taking a hit.

"In order to achieve debt sustainability, a contribution from Cyprus is necessary, a contribution from the banking sector, from depositors and owners," Steffen Seibert, a spokesman for Chancellor Angela Merkel said.

"How the country arrives at this contribution, how it divides it up, was and is up to the Cypriot government," he added. "As I believe the finance minister said last night on television, Germany could have imagined a different solution, a different staggering. But it was not our decision."

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