German finance minister 'regrets' Cyprus' decision
German Finance Minister Wolfgang Schaeuble said he regrets the decision Cyprus' parliament made to reject a proposed levy on savings in banks as a condition for a European bailout.
"We regret the decision," Mr Schaeuble told Germany's ZDF television. "Cyprus requested an aid programme. For an aid programme we need a calculable way for Cyprus to be able to return to the financial markets. For that, Cyprus' debts are too high".
He said Cyprus is now in a "serious situation" and it has no one to blame other than itself.
"In a situation like this, when an insolvency looms, then the creditors have to participate if they want to avoid an insolvency", Mr Schaeuble said.
"If you want to avoid that, then the investors in the bank have to make a corresponding contribution. Whether that's a 'bail in' or a levy, that's for Cyprus to decide itself", he added.
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