GERMANY: Finance Minister Wolfgang Schaeuble says bailout deal best possible solution for Cyprus

Record ID: 863258

  • Title: GERMANY: Finance Minister Wolfgang Schaeuble says bailout deal best possible solution for Cyprus
  • Date: 25th March 2013
  • Summary: BERLIN, GERMANY (MARCH 25, 2013) (REUTERS) GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE ARRIVING FOR NEWS CONFERENCE PHOTOGRAPHERS TAKING PICTURES SCHAEUBLE LOOKING ON SIDE SHOT OF PODIUM (SOUNDBITE) (German) GERMAN FINANCE MINISTER, WOLFGANG SCHAEUBLE, SAYING: "It's a solution which is fair for all involved, including investors of Cypriot banks. I also believe that the solution can contribute towards the restoration of trust for Cyprus and in Cyprus." REPORTERS (SOUNDBITE) (German) GERMAN FINANCE MINISTER, WOLFGANG SCHAEUBLE, SAYING: "With this, we achieved what we always believed was right, that with a bail-in, the Cypriot banking sector, which is oversized, is reduced to a size which is average for to the size of the national economy, something which will also be the task of the European Commission's competition authority." REPORTERS (SOUNDBITE) (German) GERMAN FINANCE MINISTER, WOLFGANG SCHAEUBLE, SAYING: "In my view, Cypriot President Anastasiades came to understand this week that it was not just Germany and the IMF that wanted a bail-in, but also the others." WIDE OF PODIUM REPORTER'S NOTEPAD (SOUNDBITE) (German) GERMAN FINANCE MINISTER, WOLFGANG SCHAEUBLE, SAYING: "From the German government's point of view, we have achieved a much better result last night than last week's compromise which could have come into effect." PHOTOGRAPHERS TAKING PICTURES WIDE OF PODIUM
  • Embargoed: 9th April 2013 13:00
  • Keywords:
  • Location: Germany
  • City:
  • Country: Germany
  • Topics: International Relations,Economy,Politics
  • Reuters ID: LVACC33JQVAJ4FCD1KSEAD209EMM
  • Aspect Ratio:
  • Story Text: The last minute deal Cyprus clinched with lenders to avert a collapse of its banking system is fair, German Finance Minister Wolfgang Schaeuble said in Berlin on Monday (March 25).
    Speaking to reporters after returning from an overnight meeting with euro zone finance ministers in Brussels, Schaeuble said "it's a solution which is fair for all involved, including investors of Cypriot banks. I also believe that the solution can contribute towards the restoration of trust for Cyprus and in Cyprus."
    Schaeuble said the agreement was "much better" from Germany's perspective than a deal struck last week which would have hit small depositors and was rejected by the Cypriot parliament.
    "(Cypriot President) Anastasiades came to understand that it was not just Germany and the IMF that wanted a bail-in, but also the others," Schaeuble said.
  • Copyright Holder: REUTERS
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