NICOSIA, Cyprus — Cyprus' president says a decision to force bank depositors to share the burden of a rescue package was done to save the country from financial ruin.
Nicos Anastasiades said in a statement Saturday that Cyprus had little option but to accept the bailout package from its European partners and the IMF that imposes a levy on the country's bank deposits. Without it, he said, Cyprus' whole banking system would have collapsed on Tuesday.
He said that's when the European Central Bank would have stopped providing emergency funding to Cyprus' troubled banks, leading to their collapse. That in turn would have driven the country to bankruptcy and possibly out of the eurozone.
Anastasiades said the deposit levy rescues banks, keeps the country's debt load manageable, and avoids the risk of deeper pay cuts and tax hikes.
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