Draghi promises Cyprus bail-out is ‘no template’

mario-draghi

Mario Draghi, the president of the European Central Bank (ECB), today insisted that the Cyprus bail-out was "no template" for banking resolutions in the eurozone.

He condemned the initial proposals that would have seen insured depositors hit with a 10% savings tax as "not smart, to say the least", and said the ECB had never supported this.

"By itself, a bail-in is not a problem. A lack of ex-ante rules known to all parties can make bail-in a disorderly event," he said. The way around this, he as

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