Cyprus rejects possibility of imposing losses on bank depositors

Propositions of alternatives to the full bailout for Cyprus, which were included in the European Commission’s confidential memorandum mentioned by the FT in the European morning, were rejected by the country’s government which said that imposing losses on bank depositors would be against its law and constitution.

'I would say that the bail-in of depositors is a grossly exaggerated possibility, unlikely to happen, we will not accept it under any circumstances and I don't think it creates any way forward,' said Cypriot Finance Minister Vassos Shiarly heading for the Eurogroup meeting on Monday. He also ruled out a debt restructuring for his country which he said was "completely, totally off the table."

Eurozone finance ministers plan to finalize the aid program for Cyprus after the country’s general elections scheduled for 17 and 24 February.