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Cyprus

Anastasiades to discuss compensating bondholders with party leaders

President Nicos Anastasiades plans to meet the leaders of political parties in an attempt to find a way to compensate investors who lost money when the bonds they invested were wiped out in the 2013 banking crisis, the Cyprus News Agency reported on Monday citing the chairman of the bondholders association.

Anastasiades will discuss proposals submitted by party leaders to the bondholders group in separate meetings, the Cyprus News Agency reported citing Phivos Mavrovouniotis who chairs the association and met Anastasiades on Thursday.

“Our goal is to try to reach a solution which can satisfy bondholders as much as possible,” Mavrovouniotis was quoted as saying.

Mavrovouniotis said that previous attempts to facilitate an-out-of-court-settlement by Anastasiades to compensate bondholders who invested in securities issued by Bank of Cyprus and Cyprus Popular Bank, failed either because the proposed solutions were deemed unconstitutional or because Cyprus was in a programme, the Cyprus News Agency reported.

Anastasiades will propose party leaders that the government gives up to a €2,500-handout to every bondholder, based on income standards, so that the latter can appoint lawyers and that courts give this type of cases more priority.

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