Cyprus

German finance minister sceptical at Cypriot proposal-paper

by fm

22nd March 2013

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1 min read

German Finance Minister Wolfgang Schaeuble expressed his scepticism at the Cypriot government's proposal for raising billions of euros during a meeting of Germany's coalition parties on Thursday afternoon, newspaper Bild reported.

Citing participants at the meeting, the German newspaper reported in its Friday edition that Schaeuble had said he had deep doubts and "cosmetic touches alone" would not be enough.

Cyprus must "move and seriously save", he added.

The Cypriot government, facing a collapse of its financial system, on Thursday proposed a "Solidarity Fund" based on revenues from hydrocarbon exploitation, bonds and other assets to help it raise billions of euros to clinch a European Union bailout.