No new haircut for Cyprus depositors: Government

NICOSIA (AFP) - The 23-billion-euro (S$37 billion) bailout for Cyprus does not mean that savers will be hit by a a new "haircut" on deposits, the government spokesman said on Friday.

"The European Commission's assessment, as reported yesterday, while raising the financing needs of Cyprus from 17.5 billion to 23.5 billion, however, in no way indicates that a de facto new recapitalisation will be imposed on banks or any extra charges to depositors," Mr Christos Stylianides told reporters.