Europe a 'wicked stepmother' in Cyprus: Italian business

The head of Italy's employers federation on Tuesday said proposed bank levies in Cyprus would put Europe in the role of "a wicked stepmother".

It "would create a dangerous precedent and transform Europe into a wicked stepmother," Giorgio Squinzi, head of Confindustria, said in a letter.

Squinzi said in the letter, which was addressed to European business lobbies, that he was "very worried by what is happening".

"The savings of citizens are the treasure of a country and absolutely have to be defended," he said.