Nicosia, Cyprus. Two organised groups representing people whose savings were wiped out in the 2013 bank bail-in have asked political parties to explicitly commit to restitution ahead of parliamentary elections. The groups sent letters to legacy and new parties contesting the elections seeking their positions on four issues.
Four demands raised in letters
The groups asked for an in-depth investigation into the events of 2013, faster disbursements to affected savers through the Solidarity Fund, continued funding for restitution, and an exemption from legal fees for affected savers.
Regarding legal fees, the groups said the state continues to demand that savers incur legal costs for lawsuits that have since been withdrawn.
Groups behind the appeal
The groups are the association of legacy Laiki depositors (Sykala) and the association of bondholders with Bank of Cyprus and legacy Laiki (Sykata).
In their letter, they referred to the haircut as a “heinous economic crime” and cited an ongoing absence of accountability, saying that despite successive governments since 2013, no one has been “punished” for decisions that led to the bail-in.
Party responses
A number of parties issued statements promising to help affected savers recoup their losses, including Disy, Diko, the Ecologists’ Movement, Edek, Dipa and Elam.
Akel, Volt, Alma and Direct Democracy had not responded by Monday.
Disy said it supports gradual full restitution of affected savers by 2035.
What steps do you want political parties to commit to on restitution for affected savers?
