Cyprus Mail
Cyprus

Larnaca court rejects haircut suit

File photo: Larnaca Court

The Larnaca district court on Thursday rejected a case against the state and the Central Bank of Cyprus seeking damages for the losses during the 2013 haircut.

In the court’s decision, they said that “not taking the measures would have put Cyprus in a dire economic situation, since the financial system would have been destabilised and collapse witch disastrous consequences for the country’s economy and society.”

As a result, the court ruled that responsibility could not be attributed to the Republic or the Central Bank for issues regarding the potential collapse of banks.

The complainant was also required to pay the Republic’s legal fees.

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