Draghi: Cyprus levy was 'not smart'

European Central Bank chief Mario Draghi on Thursday (4 April) admitted that an initial plan to tax small savers in Cyprus was "not smart", but stressed that the island is "no template" for others.

Looking back on the events that both investors and ordinary Cypriots, Draghi said that the ECB had not been the source of the original (and subsequently rejected) idea to impose a tax on small savers, but did agree to it as part of an overall deal on 15 March.

"That was not smart, to sa...