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Cyprus is very special case, found right solution-German finmin
March 28, 2013 / 7:06 AM / 5 years ago

Cyprus is very special case, found right solution-German finmin

BERLIN, March 28 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Thursday Cyprus was a very special case and the European Union had found the right solution for it with its deal for a 10 billion euro ($12.78 billion) bailout tied to the imposition of losses on bank depositors.

“Cyprus was a very special case, everyone knew that,” Schaeuble told SWR radio. “And we found the right solution.”

Schaeuble also said Luxembourg had a totally different business model to the east Mediterranean island which is due to reopen its banks later on Thursday almost two weeks after they were shut. Any comparison of the two would be “absurd”, he said.

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