Foreigners were unduly penalized in the Cyprus bail-in implemented by the government of Cyprus according to a memorandum signed with the IMF, the ECB, and the European Commission. Fearing the downturn in the Greek economy several hundreds, perhaps thousands of Greeks sought to secure their savings in Cyprus, before there were any capital controls in the country. Their fortunes were wiped out overnight. Now, over 900 of our compatriots are seeking for compensation in international arbitration.
- Published in Diaspora