ECB chief slams Cyprus rescue efforts as strike hits | Bangkok Post: news

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ECB chief slams Cyprus rescue efforts as strike hits

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The European Central Bank chief hit out on Thursday at what he said was a poorly managed bailout for eurozone Cyprus as protests at the crippling costs for the small Mediterranean island raged on. 

Mario Draghi, President of the European Central Bank (ECB) pictured during a press conference following the meeting of the governing council in Frankfurt/Main, Germany, on April 4, 2013. The European Central Bank cannot step into the breach left by a lack of action by eurozone governments to solve the region's debt crisis, but is ready to do whatever it can to play its part, Draghi said Thursday.

Mario Draghi described as "not smart" an initial plan to impose losses on all depositors in the island's banks -- large or small -- which rode roughshod over previous guarantees within the European bloc on balances up to 100,000 euros.

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