Skip to content
Subscriber Only

Cyprus Program Isn’t Template for Euro-Area Rescues, EU Says

European governments vowed that the swoop on bank accounts to finance Cyprus’s aid package won’t set a precedent for future rescues, pushing back against the impression given by Dutch Finance Minister Jeroen Dijsselbloem, according to a confidential document obtained by Bloomberg News.

“The Cypriot program is not a template, but measures are tailor-made to the very exceptional Cypriot situation,” according to the document, agreed yesterday by representatives of euro-zone finance ministries and intended as a guide for explaining Monday’s decision to the public.