Laiki Bank: Haircut 5 Years Later

In 2013, thousands of depositors in the now defunct Laiki Bank found out that they had lost all of their savings which were over EUR €100,000 overnight.

And so, 5 years later since the 25th of March 2013, the victims are still waiting to see their money back through legal recourse in Cyprus and further afield.

In March of 2013, subsequent to complicated negotiations between the government and the Eurogroup, all of the deposits residing in the Laiki bank over EUR €100,000 were lost, as well as 47.5% of deposits over EUR €100,000 in the Bank of Cyprus as part of the country’s bailout agreement with both the IMF (International Monetary Fund) and the EU.

Harris Georgiades, the Finance Minister, have told MPs in December in 2017 that EUR €7.7 billion of deposits were lost whilst the supposed value of the securities converted into shares was EUR €1.2 billion.