Cyprus's decision to force losses on bank deposits doesn't set a precedent for the rest of the euro region, European Union President Herman Van Rompuy said in an interview with De Zondag.
Van Rompuy was cited as saying that Euro-area finance ministers made an "unfortunate decision" in approving an initial plan to tax bank accounts below the EU-insured limit of Euro 100,000 ($128,000). That plan, which was rejected by the Cypriot parliament, and a subsequent agreement to force losses on creditors of the country's two largest banks, won't threaten other nations, he said in an interview with the Belgian newspaper.
"Cyprus is a special case, because of the size, structure and characteristics of its financial sector," Van Rompuy said in the interview, published on Sunday.
