February 12, 2013 / 1:10 PM / 5 years ago

EU exec sees no Cyprus debt restructuring, wants financial stability

BRUSSELS, Feb 12 (Reuters) - The European Commission is not working on a debt restructuring plan for Cyprus and any bailout must ensure the island’s stability, the EU’s top economic official said on Tuesday.

Olli Rehn, who is the European Union’s Economic and Monetary Affairs Commissioner, was asked whether he could rule out the possibility of depositors in Cypriot banks losing money as part of a bailout.

“The Commission’s intention is to ensure a fair burden sharing of the cost of restructuring or resolution of Cypriot banks,” Rehn told a news conference after a meeting of EU ministers. “We are working in order to find a solution that ensures both debt sustainability and financial sustainability in Cyprus,” he said.

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