NEWS

Eurozone may revise terms on Cyprus, says Vienna

Austrian Vice-Chancellor and Foreign Minister Michael Spindelegger said on Monday that the eurozone may well revise its package of measures for a bailout to Cyprus toward lightening the load on smaller depositors.

Spindelegger said in Vienna that developments in Cyprus do not constitute a risk for depositors in the European Union and that «this is Cyprus-specific problem.”

“We shall examine whether we can solve it in a way that will not have major consequences on small depositors,» he stated.

He reiterated that Austria, just like other EU countries guarantee deposits up to 100,000 euros.