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Cyprus: blood boiling over the banks

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Cyprus: blood boiling over the banks


Protesters shouting “Troika go home!” marched though Nicosia’s old town on Tuesday calling on other citizens to join them.

They were venting their anger over the terms of Cyprus’ EU bailout deal.

The country had faced bankruptcy and ejection from the single currency, but although the deal has been struck, a grim economic future still awaits the Mediterranean island.

Andros Iannou of the “Wake up Cyprus” group said: “The major demand of the people is that a referendum is held, nothing should be passed unless the people pass it. We will not sell off Cyprus financially because some others have committed to selling it off.”

Laiki bank is being wound down to merge with the Bank of Cyprus as part of the deal.

Governor of the Central Bank of Cyprus Panicos Demetriades said this would create a “very strong bank,” but enraged employees tried to push past police lines to call for his resignation.

One of the protesters said: “We just want our jobs and nothing else, keep the bank operating.”

Cyprus’ banks have been ordered to remain closed until Thursday and after that there will still be as-yet-undisclosed capital controls imposed to prevent depositors emptying the vaults.

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