Cyprus Probes Banks for Forgiving Politicians' Loans

World | March 31, 2013, Sunday // 13:38
Cyprus Probes Banks for Forgiving Politicians' Loans: Cyprus Probes Banks for Forgiving Politicians' Loans Austerity measures, the levy on bank deposits, and unprecedented capital controls led to mass protests across Cyprus. Photo by EPA/BGNES

Authorities in Nicosia have launched an investigation after Greek media published the names of politicians who allegedly had loans forgiven by three Cypriot banks at the height of the crisis.

BBC reports Sunday that the Bank of Cyprus, Laiki and Hellenic Bank apparently wrote off loans of EUR millions to companies, local authorities, and politicians from some of the island's biggest parties.

The list has now been handed to the ethics committee of the Cypriot Parliament.

The scandalous news came on the backdrop of news Bank of Cyprus depositors with more than EUR 100 000 could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

World » Be a reporter: Write and send your article
Tags: bank of cyprus, Laiki, Hellenic Bank, loans companies, local authorities, politicians, IMF, ECB, Eurozone, Russian, Nicos Anastasiades, president, cypriot, Cyprus, bailout package, levy, banks, bank, European Union, euro, Russia, loan, Laiki, bank of cyprus
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria