Eurogroup boss Jeroen Dijsselbloem told MEPs on Thursday (21 March) that Cypriot savers will have to lose money no matter what the final shape of the bailout deal.
"It is inevitable that there will be some kind of levy in the final deal," he said.
He described the proposed levy as "a tax measure, like a wealth tax."
He also said that Cypriot banks - which hold assets and liabilities worth eight times the country's GDP - will "have to be downsized and rebuilt on a healthy an...
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Already a member? Login hereBenjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.
Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.