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Spain's Economy Minister speaks on Cyprus Bailout

Source: Bloomberg - Sat 16th Mar 2013
Spain's Economy Minister speaks on Cyprus Bailout

Spain's Minister for the Economy, Luis De Guindos, said the levy imposed on Cypriot bank depositors as a condition of the bailout agreed early today does not constitute a "corralito."

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EU and IMF officials set a one-off tax of up to 9.9% on all bank deposits as a condition of the 10 billion rescue package for Cyprus.

"This is not a corralito because only the taxes will be withheld," De Guindos's Economy Ministry said in an e-mailed statement today. "Deposits will not be frozen, people will be able to move their money freely."

"This situation cannot be extrapolated to any other country in the euro zone," the ministry added.

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