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German finance minister Schaeuble (r) talking to the Irish minister Noonan (c) and IMF chief Lagarde (l) during the Eurogroup meeting on Cyprus (Photo: Council of European Union)

Germany and ECB blame each other for Cyprus levy

German finance minister Wolfgang Schaeuble and European Central Bank board member Joerg Asmussen during parallel events in Berlin on Monday (18 March) tried to blame each other for an unprecedented eurozone bailout deal demanding small savers in Cyprus to take losses on their bank deposits.

"The levy on deposits under €100,000 was not an invention of the German government," Schaeuble said during a conference on taxation.

He insisted that the "configuration" he and the Internation...

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German finance minister Schaeuble (r) talking to the Irish minister Noonan (c) and IMF chief Lagarde (l) during the Eurogroup meeting on Cyprus (Photo: Council of European Union)

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