Eurogroup reiterates offer to help Cyprus

The President of the 17-member Eurogroup, Jeroen Dijsselbloem, in a short statement issued last night said he has taken note of the decision of the Cypriot parliament on the government's proposal for a one off stability levy. "I confirm that the Eurogroup stands ready to assist Cyprus in its reform efforts and reiterate the position of the Eurogroup," he added in the four-line statement. The Cypriot parliament last night voted against a bill to introduce a tax on bank deposits, in return for a 10 billion euro bailout offered to the country by the eurozone and the International Monetary Fund. Meanwhile, Dijsselbloem, who is also the Dutch finance minister is coming under fire at home over his apparent role in the decision to make small savers pay towards the rescue of Cyprus, Dutch media have reported. Dutch opposition MPs have called on the minister to fully explain the decision to the Dutch parliament. Bas Eickhout, a Dutch Member of the European Parliament, was quoted saying that "If the panic in Cyprus spreads to other southern European countries then we will lose a lot more money".