Cyprus: we need a European solution, not a Russian one

20.03.2013 15:00

Cyprus: we need a European solution, not a Russian one

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"The situation in Cyprus is critical, but it was not created over the past two weeks. President Anastasiades inherited a very deep crisis. My question is: how come all of a sudden small savings and depositors are no longer protected? This is a dangerous precedent. It takes years to recover trust by depositors. Why hit the small savers? The crisis in Cyprus has sounded an alarm bell. We have to speed up the regulation of financial markets. Above all, we need a European solution to the Cyprus problem, not a Russian one", said Corien Wortmann-Kool MEP, Vice-Chairwoman of the EPP Group responsible for Economy and Environment.

"Legislation on the financial sector is progressing, but precious time has been lost. The rules we are setting now would have ensured a much better protection of depositors in Cyprus. There would be a solid legal framework for the contribution of shareholders of the banks", she added.

"Regarding the Multiannual Financial Framework, the European Parliament's position is clear: we are ready. So we hope that the Council has not lost our phone number. There is no need to wait for the formalised Council position on the MFF, scheduled for the 22nd of April, to set up the negotiations. Let's start as soon as possible", Wortmann-Kool said during today's post-summit debate in the European Parliament.

Note to editors

The EPP Group is by far the largest political group in the European Parliament with 270 Members and 3 Croatian Observer Members.

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