ECONOMY

Commission not working on a PSI for Cyprus, Rehn says

The European Union is not working on any sovereign debt restructuring plan for Cyprus, said the EU’s Economic and Monetary Affairs Commissioner Olli Rehn on Tuesday.

“The Commission is not working on any PSI solution in Cyprus,” said Rehn after a meeting of EU finance ministers in Brussels.

“Greece was unique,” he said.

On Monday, Rehn dismissed a report in the Financial Times that a document has been drafted suggesting losses on unsecured depositors and bond holders at Cyprus banks is an option under consideration for a bailout.