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Sofronis Clerides: The Time of Truth for Cyprus

Cyprus is currently going through some of the most critical times in its history. The result of the Eurogroup on the 15th of March was a very bad decision, for both Cyprus and Europe. In Cyprus, the decision violates the state deposit guarantee of up to €100,000 and at the same time jeopardizes the whole financial services sector, the only sector which experienced growth in recent years. In Europe, the realization that deposit haircut is now a policy tool likely to be used by governments poses a destabilization risk for the banking systems of other countries. The international reaction against this decision has been roaring.

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