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Juncker Says Cypriots Treated As Bandits

junckerFormer Eurozone chief Jean-Claude Juncker said a bailout deal that saved Cyprus’ economy and banks from collapse had preserved the financial bloc but that the terms were so harsh and so much pressure was put on Cypriot officials that he felt they were treated like “bandits and gansters.”

“The 17 euro area member states managed to prove that they leave no country to leave the euro,” he said in an interview with the Phoenix television network broadcast by the Deutsche Welle. Juncker added that the solutions, that include confiscating up to 80 percent of deposits over 100,000 euros ($130,000) will require great sacrifices.

Cypriots should reorganize their banking system and diversify their economy, he said, adding that international lenders have to provide help beyond the 10 billion euros ($13 billion) loan they are putting up.

And although many Cypriots blamed German Chancellor Angela Merkel, whose country is footing much of the bill, for insisting on harsh terms, he objects to depictions of her on placards showing her in a Nazi uniform.

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