It is important that the situation in Cyprus is resolved in a responsible and fair way that ensures financial stability, the US Treasury Department has said.

In a written statement the US Treasury notes that it “is monitoring the situation in Cyprus closely, and Secretary Lew has been speaking with his European counterparts”.

The statement adds that “it is important that Cyprus and its Euro area partners work to resolve the situation in a way that is responsible and fair and ensures financial stability”.

The Eurogroup reached Saturday an agreement in Brussels which provided for a levy on savings that stung small account holders to the tune of 6.75% in exchange for a €10 billion sovereign bailout deal, whereas deposits over 100.000 euro would be charged with a 9.9% levy.

On Monday night after an extraordinary conference call eurozone Finance Ministers stated that small depositors should be treated differently from large depositors.