Cyprus Mail

Expropriation of BoC deposits was most certainly not ‘the only sensible thing to do’

Your editorial (Cyprus Mail, December 21) regarding the expropriation of deposits from the Bank of Cyprus during the financial crisis states that this was “harsh” but “the only sensible thing to do”.
Why was it “sensible” to expropriate funds only from the Bank of Cyprus? Why not include some of the other 15 or more banks operating in Cyprus at the time. Why not insurance companies, oil companies, etc..
The funds expropriated by this “sensible” course included those of charities, hospitals, educational institutions, small businesses, provident funds. etc., whose only mistake was to deposit their money in the country’s largest (and widely considered as the safest) bank.
Your editorial did not mention the legal basis for the expropriation of these funds. Probably because there was none.

Jim Leontiades, Nicosia

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