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Accusations fly in Cyprus bailout fallout

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Accusations fly in Cyprus bailout fallout


The streets of Nicosia appear calm as the bailout fallout begins to hit home in Cyprus. Facing massive job losses and economic turmoil under the new loan conditions, the calm disguises the fury bubbling beneath the surface.

One man euronews spoke to bemoaned the fact that what was happening was a catastrophe for Cyprus and that they were better off with the Cypriot pound than the euro.

Others point the finger at politicians for not being quick enough off the mark when the crisis hit. Though one man said bankers should shoulder some of the blame for investing in Greece.

The EU has become a hate-figure for many in Cyprus as they feel abandoned in a time of need.

Our correspondent in Nicosia, Stamatis Giannisis, reports: “The harsh decisions taken by the Eurogroup over Cyprus have strongly disappointed the Cypriots as they now realise that the years to come are going to be very tough. What most of them say they want right now is to get back to their daily routines, but even that is going to take some time.”

It will take time because banks in Cyprus have remained closed throughout the tense negotiations in Brussels, with savers restricted to 100 euro withdrawals from cash machines.

The Cyprus central bank has said that all banks (except Laiki and the Bank of Cyprus) should re-open Tuesday with the 100 euro limit remaining in place.

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