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Defrauded bondholders stage riots near Bank of Cyprus

The demonstrators protested against the policies pursued by the bank and the local authorities, due to which they currently have no say in the bank’s decisions and can't return their funds

© EPA/KATIA CHRISTODOULOU

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Sanctions on Russia catastrophic for Cyprus — minister

NICOSIA, November 20. /TASS/. Dozens of Bank of Cyprus defrauded bondholders staged riots near its headquarters where the bank’s shareholders are holding an annual meeting on Thursday.

A small group of protesters managed to burst into the bank’s lobby but was edged out by the police and the bank’s security guards. The demonstrators came to clash with the police and started to throw stones into the bank’s building.

The Bank of Cyprus annual shareholders’ meeting is electing a new board of directors over a new line-up of forces in the island’s largest and systemically important bank after it floated 1 billion euros worth of new shares in summer.

Before the bank opened its annual shareholders’ meeting, dozens of people came to the bank’s building to protest against losing all of their funds after the Cypriot government reached an agreement with international creditors on deposit haircuts and restructuring at the island nation’s two largest lenders in March 2013.

The demonstrators expressed their protest against the policies pursued by the bank and the local authorities, due to which they currently have no say in the bank’s decisions and have actually lost a possibility to return at least a part of their funds lost as a result of deposit restructuring.

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