Cyprus Mail
Cyprus

‘Bondholders shouldn’t expect taxpayers to pay their losses’

President Nicos Anastasiades said it was the right of bank bondholders who lost their assets during the banking crisis to protest but it was impossible to satisfy their demand for the taxpayer to foot the bill for the investments they made on their own risk.

The bondholders’ association held a protest on Wednesday evening outside the Presidential Palace, blocking the road for a short period of time until police intervened.

The group said they had been reassured however that the state would cover damages awarded to them in court in cases concerning former Laiki Bank.

Anastasiades said that despite “the obsession” that the state must pay what they invested at their own risk “and, unfortunately, despite the fact they have been wronged as a result of most of them being defrauded by the banks, it is impossible to satisfy their demand.”

“They demand for every taxpayer to pay their losses. Unfortunately, it is impossible, but it is their right however to protest,” he said.

But the head of the association, Phivos Mavrovouniotis, said that during the protest a delegation had a meeting with the head of the president’s office, where they received reassurances that in the case they win court cases against former Laiki bank, the state would pay since the lender no longer exists.

This however only concerns Laiki cases, and not also those against the Bank of Cyprus which is in a position to pay damages, he said.

 

 

Related Posts

Restoration of credibility is bottom line for Demetriades

Staff Reporter

Cyprus economic sentiment improves, future outlook dim

Kyriacos Nicolaou

Cyprus Business Now

Kyriacos Nicolaou

Cyprus banking system deposits increase by €590 million

Kyriacos Nicolaou

Electricity operator calls for temporary halt to photovoltaic installations to avert grid overload

Iole Damaskinos

Christodoulides slips, other candidates gain in latest CyBC poll

Jean Christou