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A top European Central Bank official insisted on Tuesday that the case of Cyprus, in which large depositors and senior debtholders were forced to take losses, would not serve as a model for any future bailouts in the euro zone.
The Cyprus bailout “was the solution to a problem that had become desperate,” Benoît Coeuré, a Frenchman and a member of the E.C.B.'s governing council, told Europe 1 radio. “Cyprus was in bankruptcy, that is something that doesn’t exist anywhere else in the euro zone.”
“The situation was so unique that it needed a unique solution,” he added. “But I don’t see any reason to employ the same methods elsewhere.”
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