Cyprus is very special case, found right solution: German finance minister

BERLIN (Reuters) – German Finance Minister Wolfgang Schaeuble said on Thursday Cyprus was a very special case and the European Union had found the right solution for it with its deal for a 10 billion euro ($12.78 billion) bailout tied to the imposition of losses on bank depositors.

“Cyprus was a very special case, everyone knew that,” Schaeuble told SWR radio. “And we found the right solution.”

Schaeuble also said Luxembourg had a totally different business model to the east Mediterranean island which is due to reopen its banks later on Thursday almost two weeks after they were shut. Any comparison of the two would be “absurd”, he said. ($1 = 0.7824 euros)

(Reporting by Gernot Heller- writing by Madeline Chambers)