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Cyprus News Agency: News in English, 13-07-26
CONTENTS
[01] Germany wanted to destroy Cyprus as a financial centre, former
FinMin says
[01] Germany wanted to destroy Cyprus as a financial centre, former
FinMin says
Germany wanted a "dramatic haircut" on baking deposits seeking to destroy
Cyprus as a financial centre, Former Minister of Finance Michalis Sarris
has said.
Sarris, who as Finance Minister attended the crucial Euro area Finance
Ministers meetings on March 16 and 25, 2013, which decided on imposing a
haircut on banking deposits in Cyprus, testified on Thursday in Nicosia
before the investigation committee on the economy.
On March 25 Cyprus and its international lenders, the European Commission,
the European Central Bank and the IMF agreed on a €10 billion bailout
featuring a haircut on uninsured deposits (over €100,000) in a bid to
replenish the depleted capital of the island`s two largest banks, which
posted massive losses following the haircut of the Greek sovereign debt.
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