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"Haircut" on Cypriot debt not up for question now - ECB's Asmussen
December 21, 2012 / 6:25 AM / 5 years ago

"Haircut" on Cypriot debt not up for question now - ECB's Asmussen

BERLIN, Dec 21 (Reuters) - Writing down Cypriot sovereign debt is not up for question now as it is not yet clear how much money the island will need to rescue its banks, European Central Bank board member Joerg Asmussen said on Friday.

“There is no question of a haircut for Cyprus now ... because we have (only) a preliminary financing need for the banks in Cyprus. We will get the final numbers in mid-January,” Asmussen told German TV station ARD.

“It is already foreseeable that after the final data, the financing need will be so high that the debt level will be very high and unsustainable,” he said, adding that measures to achieve a budget surplus and privatisations would then be looked at.

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