Juncker: EU was wrong on Cyprus deposit hair-cuts

European Commissioner Jean-Claude Juncker admitted that the ‘hair cuts’ on Cypriot banking deposits by the Eurogroup in 2013 were a wrong move addressing the Cypriot Parliament Friday. He added, however, that Cyprus has managed to bounce back underlining the help the ‘Juncker’ package will offer the country to regain economic growth. Making reference to the Cypriot issue, Juncker said that compromises and concessions were necessary from both sides so that the difficult process of reaching a resolution to the Cypriot matter could be reached. Continuing he made it clear that threats and the use of threats from one member against another is not acceptable in the EU. “The word compromise should be considered negative, as it is a key word in every-day proceedings in the EU”, said Juncker.