Economy & Finance

Portugal government says “no chance” Cyprus deal can be template

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LISBON (Reuters) – The Portuguese government on Wednesday ruled out any possibility of a bailout deal involving losses on bank deposits like the one agreed for Cyprus being used as a template for other euro zone countries.

“The Cyprus case in unique. There is no risk whatsoever, and this has been said by more than one European official, no risk that this solution may be generalized,” Luis Marques Guedes, state secretary for cabinet matters, told reporters after a weekly cabinet meeting.

Debt-ridden Portugal has been under an EU/IMF bailout since mid-2011.

(Reporting By Andrei Khalip)

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