"Decisions such as those in Cyprus would have been unthinkable a few years ago. As far as I am concerned, I guarantee you I will never be a supporter of such measures or I will not accept such measures in Romania”, president Traian Basescu stated Friday at the lawyers Congress.
The head of state added that the situation in Cyprus pointed out that we “can often question the principles we have asserted for years”.
Traian Băsescu also stated that there are countries in the European Union that would no longer accept to bail out other countries and soon, in about 2-3 years, a revisions of the EU Treaties might be conducted to state the difference between the performing and non-performing states.
Under this framework, the head of state added, Romania should accelerate the integration process both for the Eurozone as well as for the Schengen Area, along the consolidation of the rule of law.
Banks in Cyprus have reopened Thursday after a nearly two weeks break, given that the country was forced to accept an international financial assistance plan to avoid a default entry.
Popular Bank of Cyprus and the Bank of Cyprus, the island's two main banks were subjected to a drastic restructuring of the banking system in return for a 10 billion euro aid from the European Commission, IMF and European Central Bank to save the country from bankruptcy.
Cypriot banks have not opened after the announcement on March 16, of the international financial assistance plan worth 10 billion Euros, including the provision to obligate the Cyprus state to tax by 9.9% all bank deposits higher than $ 100,000 and by 6.7% the one below that amount.
Cyprus has concluded a 10 billion euros bailout agreement with the Eurozone governments, the IMF and the European Central Bank, which involves dismantling Cyprus Popular Bank (Laiki), the second largest bank in the country, and transferring the viable assets and deposits of under 100,000 Euros at the Bank of Cyprus, Cyprus biggest bank.
Depositors holding large amounts in the Laiki bank accounts will help fund the bailout program. For the Bank of Cyprus, depositors with savings of more than $ 100,000 will help to recapitalize the institution, depending on the amount required.
Government of Cyprus limited on Thursday the amount of cash one can leave the country with at 1,000 Euros per person and withdrawals out of the accounts were limited to 300 Euros per day, according to the final version of the restrictions imposed on capital movements. The restrictions were introduced to prevent massive withdrawals of money from banks in the country, following the conclusion of the bailout.