04 February 2014 11:01

Nicosia has reacted to German finance minister Wolfgang Schaeuble's statements that savings in the eurozone are safe and that Cyprus was a special case - not a template for future rescues.

"Cyprus is and will remain a special one-off case" Schaeuble told Bild magazine adding that he was confident Cyprus would be able to completely pay back the €10 billion in rescue aid.
And that Cyprus' economy will now go through a long and painful period of adjustment - something that prompted the ire of political parties especially that of the Greens.
"It seems that Mr Schaeuble sees Cyprus as a guinea pig, constantly referring to harsh measures to start with followed by patience and painful adjustment," the one-seat party said in a statement.
"We call on Mr Schaeuble to come to Cyprus and present his 'grand' plan to the thousands of unemployed, the hundreds of families queuing at food banks and to all Cypriot economic migrants," it added.
The party also reminded the German minister that all is good in theory but in practice things are different.
The Citizens Alliance of former foreign minister George Lillikas said it was cynical that the finance minister feels justified with what went on in recession-hit Cyprus.
He does not realise that Cyprus is a European Union member state with an equal right to prosperity, the Alliance said in a statement.  
"Cyprus joined a European Union and not a German Union. Whenever German hegemony was imposed in Europe, people were the ones to suffer," it added.
The painful Eurogroup rescue plan agreed for Cyprus in March was the first to impose a levy on bank deposits.
Eurogroup chairman Jeroen Dijsselbloem has said that Cyprus would serve as a model for future crises.
But the German minister - seen as the main orchestrator behind the 'haircut' in Cyprus -- tried hard to distance himself from those comments.  


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