‘Savings are safe — but only in Germany’

Published on 18 March 2013 at 10:01

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“For the first time, bank customers will be forced to assume part of the cost of European financial aid,” remarks the daily, in the wake of the bailout for Cypriot banks.
On March 16, the Eurogroup and the IMF decided to provide €10bn in aid to Cyprus, but in exchange for a tax on all bank deposits (6.6 per cent on deposits of less than €100,000, 9.9 per cent on sums in excess of this figure).
Against the background of a photo of Angela Merkel and Peer Steinbrück, the newspaper reminds its readers that in 2008, the Chancellor and her then minister of finance, who is now her social-democratic rival in upcoming elections, announced that all German savings would be “safe” in spite of the crisis.

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