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Merkel ally says Cyprus "playing with fire"

A leading conservative ally of German Chancellor Angela Merkel said on Friday that Cyprus was "playing with fire" and needed to come up with a workable proposal for plugging a multi-billion-euro financing gap urgently.

Volker Kauder, leader of the ruling Christian Democrats (CDU) in parliament, also rejected the suggestion that Cyprus might nationalize pension funds of semi-public companies to fill the hole, saying this was a worse solution than hitting small savers in the Mediterranean island's banks.

"I don't think this can happen, because this would be huge for pensioners, for the small people. So I don't think this is a proposal that helps," Kauder told public television station ARD.

"If a proposal comes, I am optimistic. But we aren't there yet," he added. "I still believe we will get a settlement, but Cyprus is playing with fire."

[Source: Reuters, Berlin, 22Mar13]

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small logoThis document has been published on 25Mar13 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.