Sun, 31 Mar 2013 15:30:00 GMT | By Reuters

Euro zone savings deposits are safe: Germany

The German Finance Minister says savings accounts in the euro zone are safe, and Cyprus is a 'special case' and not a template for future rescues


Euro zone savings deposits are safe: Germany (© Reuters)

Berlin: German Finance Minister Wolfgang Schaeuble has said savings accounts in the euro zone are safe, adding that Cyprus is a "special case" and not a template for future rescues.

In an interview with Bild newspaper published on Saturday, Schaeuble distanced himself from comments on Monday by Eurogroup chairman Jeroen Dijsselbloem, who said the rescue programme agreed for Cyprus - the first to impose a levy on bank deposits - would serve as a model for future crises. "Cyprus is and will remain a special one-off case," Schaeuble said.

"The savings accounts in Europe are safe." Schaeuble said the problem in Cyprus was that two of their large banks were in effect no longer solvent and the Cyprus government did not have enough money to guarantee savings.
 That's why the other euro zone countries had to help," he said.

(Continued)
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