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Business Cyprus

Burned Laiki depositors protest

Police set up a barricade in front of parliament yesterday as investors at former Laiki took their protest to the Presidential Palace

MEMBERS of the association of former Laiki depositors (SYKALA) and other bank debtors briefly tussled with police outside parliament yesterday, before marching onto the Presidential Palace to continue their protest.

A crowd of around 400 gathered outside parliament, cordoned off by police. The demonstrators briefly tried to push through the barricade, but were repelled by security.

Joining the SYKALA protesters in solidarity were members of the Movement Against Foreclosures and the Borrowers Association ‘Evnomia’.

Once tensions defused, a delegation of SYKALA were allowed inside parliament to hand MPs a petition with their demands.

The burned depositors demand that they take charge of the administration of legacy Laiki Bank, because in the two years since the ‘bail-in’ the lender’s administrator – essentially the Central Bank – has done nothing to recover any assets.

Laiki’s uninsured deposits (€100,000 and above) were wiped out in March 2013 when the insolvent lender was wound down as part of an international bailout deal.

Chanting slogans like “Give us back our money,” the demonstrators next headed to the Presidential Palace, where their petition was handed to President Nicos Anastasiades. The memo was signed by some 20,000 people.



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