The National Solidarity Fund in Cyprus, established to aid those affected by the 2013 banking crisis, has received an overwhelming response with around 7,500 applications submitted for financial relief. With plans to increase the fund by €50 million annually from state funds, the ongoing verification process aims to provide support to individuals who suffered significant losses from the banking resolution measures.
Averof Neophytou is pushing for a legislative proposal to allocate €60 million to the Solidarity Fund for Cyprus’s 2013 financial crisis victims, offering €8,000 for every €100,000 lost to help rebuild trust and bolster social cohesion. The initiative seeks to provide partial restitution and address the severe impact of the crisis on individuals and companies still struggling with the financial repercussions.
In a pivotal decision, the Limassol district court dismissed four lawsuits over the 2013 Laiki Bank haircut in Cyprus, ruling in favor of the Central Bank and the Republic of Cyprus, and rejecting claims of negligence. This landmark ruling may have lasting implications for future cases related to the country’s financial crisis.
Cyprus Broadcasting Corporation’s (CyBC) accounts have been frozen due to a legal decree from a compensation claim by former employee Evdokia Loizou, awarded €1.3 million for encephalitis linked to workplace conditions. This financial standstill has led to operational disruptions and a reevaluation of workplace health regulations at CyBC.
The Larnaca district court ruled that the Republic of Cyprus and the Central Bank are not liable for damages from the ‘haircut’ on deposits during the 2013 crisis. The measures were deemed necessary to prevent economic collapse, and the complainant was ordered to cover the legal costs.
