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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 financi...

The EU swatted away modest UK demands for City safeguard clauses. It then circumvented a British veto. Europe’s leaders  rammed through the compact  outside the EU treaties by “intergovernmental” means.  They subjected the British Prime Minister to a torrent of invective for good measure. David Cameron’s referendum pledge was the consequence. Brussels claimed the compact was vitally needed to bolster monetary union. What it really meant was that Germany and the northern creditor bloc wanted intrusive budgetary surveillance powers to bring southern Europe to heel. Ambrose Evans-Pritchard Telegraph 1 December 2020 https://www.telegraph.co.uk/business/2020/12/01/brexit-will-nothing-compared-europes-culture-debts-wars/ Många har börjat glömma, men efter den stora finanskrisen 2008–2009 stod flera EU-länder på randen till konkurs. Tre institutionella långivare – IMF, ECB och EU-kommissionen – bildade en trojka, som skulle förhandla och övervaka villkoren för gigantiska räddnin...

Italy is not Greece or Cyprus. Italy is the fourth largest economy in Europe, and that means that bailing it out would require massive amounts of capital that the Germans have no desire (nor political imperative) to spend.  

De Facto Loss of Sovereignty Cyprus Makes Big Concessions for Bailout "With the goal of minimizing the cost to taxpayers, bank shareholders and junior debt holders will take losses before state-aid measures are granted," 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. The negotiations produced the draft version of a 30-page Memorandum of Understanding (MoU), in which the troika dictates to Cyprus what steps it will have to take in the coming years, down to the smallest detail. President Christofias left no doubt as to who he blames for the disaster, saying: "It's true that the decisions of bank executives and the miserable control by the Cypriot central bank have cost Cyprus billions of euros." The amoun...

The Bailout Of Russian “Black Money” In Cyprus zerohedge 11/04/2012 Timing couldn’t have been worse. Or more opportune. A “secret” report by the German version of the CIA, the Bundesnachrichtendienst (BND), bubbled to the surface, asserting that the pending bailout of Cyprus would use the money of taxpayers in other countries, particularly in Germany, to bail out mostly rich Russians who have over the years deposited their “black money” in Cypriot banks that are now collapsing. Wolf Richter   www.testosteronepit.com    www.amazon.com/author/wolfrichter Zypern verhandelt mit den Euro-Partnern über ein Milliarden-Rettungspaket - doch von der Hilfe könnten ausgerechnet Banken profitieren, die auf der Insel große Summen russischen Schwarzgelds verwalten. In Deutschland formiert sich Widerstand. Euro-Krise: Zypern will ESM-Milliarden trotz Schwarzgeld aus Russland - SPIEGEL ONLINE Mer om Cypern