Connect to share and comment

Spain's Rajoy says Cyprus bailout is unique, exceptional case

PlacardEnlarge
(Globalpost/GlobalPost)

PARIS (Reuters) - Spain's Prime Minister Mariano Rajoy on Tuesday said a European bailout for Cyprus which imposed losses for depositors was a unique and exceptional case which should not be replicated in other countries.

At a joint presser with French president Francois Hollande, Rajoy also said it was important to stick to the agreed calendar for the creation of a banking union in Europe.

"This is an exceptional and unique case, which is being exceptionally applied to Cyprus," he told journalists.

"Spain will defend that we agree in June on a system for a European recapitalisation of banks and in December for a guarantee for deposits and a single resolution system."

(Reporting by Julien Ponthus et Elizabeth Pineau, Writing by Julien Toyer; editing by Ron Askew)

http://www.globalpost.com/dispatch/news/thomson-reuters/130326/spains-rajoy-says-cyprus-bailout-unique-exceptional-case