Small states reject Cyprus comparisons – March 27, 2013

By James Fontanella-Khan in Brussels, Kester Eddy in Budapest and Richard Milne in Oslo

Luxembourg and Malta defended their finance-driven economies on Wednesday in the wake of the Cypriot bailout, saying that their banking sectors could not be compared with that of Cyprus, which was bloated and on the verge of collapse.

The decision of EU finance ministers to force Cyprus to restructure and downsize its banking sector for a €10bn rescue package has shaken eurozone countries with outsized or heavily lossmaking financial systems.

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