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Bondholders should continue their fight says Papadopoulos

DIKO head Nicolas Papadopoulos

By Angelos Anastasiou

The money lost in the March 2013 haircut of deposits should be the subject of a political arrangement, DIKO leader Nicolas Papadopoulos and representatives from the Bondholders’ Association agreed on Tuesday.

Speaking after a meeting with association delegates Papadopoulos said they exchanged views on how the issue of wiped-out bonds may be addressed and repeated that what happened in Cyprus in March 2013 was a “crime, a robbery” and a “well-thought out plan prepared by people who have names and addresses”.

“Our suggestion to bondholders and bank depositors who suffered haircuts in March 2013, is to continue to claim their rights,” said Papadopoulos.

“As a first step, we must demand that the investigations into the crime that was committed in 2013, resulting in the collapse of the economy, be concluded.”

Papadopoulos welcomed action by Auditor General Odysseas Michaelides who is “at the moment, the only one investigating the events that led to the haircut, the approval of emergency liquidity assistance (ELA), and the sale of Cypriot bank branches in Greece”.

He added that once these investigations are completed, the government must seek the revisiting of the Eurogroup decision of 2013, allowing the recapitalisation of banks by seizing uninsured deposits.

“After all these steps have been taken, we will need to try to promote a political compromise for the return of the lost money to those who suffered haircuts,” he said.

Papadopoulos did not elaborate on who would foot the bill for the returned money.

Bondholders’ Association chairman Fivos Mavrovouniotis said Papadopoulos advised them on how they should seek justice.

He added that legal proceedings are too time-consuming and since there is evidence proving that bondholders were defrauded and misled, the government should turn its attention to activating a European Union mechanism to restore the injustice.

At the same time, Mavrovouniotis said bondholders expect the state to move swiftly, in collaboration with the Auditor General, to proceed with investigations to restore illegality and unfair treatment.

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