Ioannis Kasoulidis

FM hopes no other country has to experience EU bailout "experiment"

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• published: 31 Jul 2015
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1. Wide Foreign Minister of Cyprus, Ioannis Kasoulides 2. Close of hands 3. SOUNDBITE (English) Ioannis Kasoulides, Foreign Minister of Cyprus: "It's a big debate following the international financial crises, whether money coming from the tax payers should go and bailout banks, particularly those banks that are considered too big to fail. I believe that the experiment about facing this question has taken place now in Cyprus. Of course having said that I wish that no country has to repeat this experiment that we are going through." 4. Close of hand 5. Wide of Kasoulides sitting at table in interview 6. SOUNDBITE (English) Ioannis Kasoulides, Foreign Minister of Cyprus: "I don't wish to any country that this happens to them, each country has to put these kind of questions to themselves and to the Eurogroup that has begun the experiment in Cyprus." 7. Close of hands 8. Wide of Kasoulides in interview STORYLINE: After weeks of pain from a debt crises and bailout deal that was hard to swallow, Cyprus' Foreign Minister Ioannis Kasoulides said on Wednesday he hopes no other country has to experience the EU bailout "experiment." "It's a big debate following the international financial crises, whether money coming from the tax payers should go and bailout banks, particularly those banks that are considered too big to fail," said Kasoulides. "Having said that I wish that no country has to repeat this experiment that we are going through." Kasoulides warns that other countries should put their households in order to prevent what he calls "the experiment" in Cyprus, adding that he wouldn't want any other country to go through the same process. Cyprus has had to agree that bondholders, investors and savers in the country's two biggest banks - Bank of Cyprus and Laiki - take a hit. Laiki, the country's second-largest lender, will be broken up with depositors with more than 100,000 euros (128 thousand US dollars) taking major losses. Savers with more than 100,000 euros at the Bank of Cyprus could face losses of up to 60 percent as part of the rescue deal. The International Monetary Fund said on Wednesday it will contribute 1 billion euros (1.2 billion US dollars) to an overall financial rescue package of 10 billion euros (12.8 billion US dollars) for Cyprus. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/641bccf410159f051566305fd656a680 Find out more about AP Archive: http://www.aparchive.com/HowWeWork