BERLIN, March 19 German Finance Minister
Wolfgang Schaeuble said on Tuesday he regretted a decision by
Cyprus's parliament to reject a proposed levy on savings in
banks as a condition for a European bailout.
"We regret the decision," Schaeuble told ZDF television.
"Cyprus requested an aid programme. For an aid programme we need
a calculable way for Cyprus to be able to return to the
financial markets. For that, Cyprus's debts are too high."
Schaeuble added that it was a "serious situation" now in
Cyprus and said the country had no one to blame for its
situation other than itself. He said he doesn't think its
"business model" works anymore and warned Cyprus must act
"In a situation like this, when an insolvency looms, then
the creditors have to participate if they want to avoid an
insolvency. If you want to avoid that, then the investors in the
bank have to make a corresponding contribution. Whether that's a
'bail in' or a levy, that's for Cyprus to decide itself."