Eurozone tells Cyprus to make next move

The EU has taken a surprisingly relaxed view of the Cypriot parliament's refusal to back a bailout deal. One possible reason could be that eurozone leaders are willing to make an example of Cyprus by letting it fail. 

Eurozone finance ministers must have known there would be opposition, but that not a single Cypriot parliamentarian would vote in favor of the EU bailout seems to have surprised even them. Now they are left grasping at straws to figure out what to do next.

German Finance Minister Wolfgang Schäuble gave his view on Tuesday, and calming the entire eurozone seemed to be his main goal by saying he regretted the entire situation and that the offer was "still on the table." He added that the size of the finance sector in Cyprus made it "a very specific, unique case" for the common currency area.

 His comments were intended to make clear that depositors in other countries would not be called upon to take part in the bailout. "We have taken sufficient precautions so that the decision in Cyprus will not have a negative effect on the rest of the eurozone," he said.

The eurozone finance ministers were ready for another meeting but said it's up to Cyprus to make the next move. "It is now for the Cypriot authorities to present an alternative scenario," EU Commission spokesperson Olivier Bailly said on Wednesday, adding that any plan would have to meet debt sustainability criteria and financing parameters.

Read more: Eurozone tells Cyprus to make next move | Europe | DW.DE | 21.03.2013