Barabashev & partners

Cyprus rejected to levy % from Cyprus banks deposits.

Date: 20-03-2013
The House of Parliament of Cyprus has convened in a special meeting yesterday to decide on the controversial “bail-in” plan proposed by the Eurogroup.

With 36 votes against and 19 members abstaining from voting, Cyprus has officially rejected the Eurogroup extermination solution of imposing a haircut on the bank balances in Cyprus.

The key message is that Cyprus will honour its position as a credible international financial centre and, based on our long-held trusting relationships, Cyprus will support, with all means available, the long-term interests of its international business clients and investors.

This opens up the way for the implementation of alternative solutions that will most likely not require Eurogroup’s assistance.

We will keep you posted as more news becomes available.
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