Support The Moscow Times!

Foreigners Hit by Cyprus Bailout

Cyprus' central bank said on Thursday that most of the depositors who lost money at bailed-out Bank of Cyprus were from overseas and that Cypriots had not been hit as hard as might have been expected.

Many of Cyprus' overseas depositors have traditionally been from Russia.

"Seventy percent of the value of deposits concerned overseas residents, leaving Cypriot households and businesses unaffected to a greater extent than was possibly expected," Central Bank of Cyprus Governor Panicos Demetriades told a news conference.

He said that overall, 96 percent of deposits in Cyprus were unaffected by losses on larger accounts required by the eurozone in exchange for aid to the overly indebted country.

"Certainly what happened was very painful for many depositors, particularly those who did not have loans (which were netted against deposits). But 96 percent of deposits were not affected," Demetriades said.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.