Spain's Rajoy says Cyprus bailout is unique, exceptional case

Reuters

Spain's Prime Minister Mariano Rajoy on Tuesday said a European bailout for Cyprus which imposed losses for depositors was a unique and exceptional case which should not be replicated in other countries.

At a joint presser with French president Francois Hollande, Rajoy also said it was important to stick to the agreed calendar for the creation of a banking union in Europe.

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"This is an exceptional and unique case, which is being exceptionally applied to Cyprus," he told journalists.

"Spain will defend that we agree in June on a system for a European recapitalization of banks and in December for a guarantee for deposits and a single resolution system."

(Reporting by Julien Ponthus et Elizabeth Pineau, Writing by Julien Toyer; editing by Ron Askew)