"For a small, open economy like Cyprus, Euro adoption provides protection from international financial turmoil."

Cypriots who lost their savings during the 2013 banking crisis will finally begin receiving compensation this May

This follows a recent meeting between the minister, President Nikos Christodoulides, and the Depositors’ Association of former Laiki Bank (SYKALA). 

Thousands of bank customers with deposits in excess of 100,000 euros each lost money due to the bail-in process employed in 2013 to save the Cypriot credit sector from complete collapse.

17 januari 2025

https://www.ekathimerini.com/economy/1258853/cypriots-haircut-compensation-12-years-on/

Cyprus agreed to a 10 bn-euro bailout with the European Union and the IMF last year.

Cyprus's second-largest lender - Laiki Bank - was closed down.

At Cyprus's banks, non-performing loans - ones where payments have been missed - reached 50% of all loans, worth 22 bn euros.

BBC 2 April 2014

http://www.bbc.com/news/business-26848416

"For a small, open economy like Cyprus, Euro adoption provides protection from international financial turmoil."

18/01/2008, Jean-Claude Trichet ECB President 18 January 2008

In return for billions of euros for the debt-ridden country from the European bailout fund, the "troika," made up of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), will essentialy take control of the Mediterranean island.

https://englundmacro.blogspot.com/2012/12/cypern-nu-ockuperat-aven-av-eu-pa-goda.html

Cypern

https://www.nejtillemu.com/greklandphase2.htm#cypern

Tillbaka till Rolfs länktips 14 mars 2025

https://englundmacro.blogspot.com/2025/03/rolfs-lanktips-14-mars-2025.html