Last year Cypriot investors were horrified to learn that their government had agreed to a “haircut” on bank savings in order to bail the country out of the economic crisis it found itself in.
Although the proposals were eventually watered down, many Cypriots and others with money in the Cypriot banking system lost money. Now a group of 51 depositors are taking the Eurogroup of Eurozone finance ministers to court, claiming compensation.
The case is being led by Cyprus firm Dr K Chrysotomides & Co. It’s early days yet – the General Court of the EU has given the respondents two months to file a defence – but the case could have serious implications for future Eurozone bailouts.
Watch this space.
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