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Cyprus to set up fund to compensate for Russians' deposit losses

September 11, 2013, 13:14 UTC+3

President of Cyprus: the country to do everything possible to overcome negative consequences of March decisions

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NICOSIA, September 11 (Itar-Tass) - President of Cyprus Nicos Anastasiades has confirmed the readiness to compensate for part of Russians' deposits they have lost as a result of the three Eurogroup creditors' decision to cut uninsured deposits in the island's two major banks.

In an interview to Itar-Tass First Deputy Director General Mikhail Gusman, the Cypriot leader said that the tough decisions taken in March affected many Russians. Despite the fact, they have not betrayed Cyprus, he said. "Our friends have remained our friends," he noted.

It is very important, since it encourages and gives more confidence that it is possible to restore the country’s economy. It has also become one of the elements to continue developing ties with Russia, he noted.

The attitude of Russians to Cyprus is valued highly, Anastasiades said. Russians have lost part of their deposits, and Cyprus would do everything possible to overcome the negative consequences of the March decisions, he said.

With the aim to compensate for the losses, a special fund will be set up to accumulate finances, when the situation in economy and the banking sector, first of all in Bank of Cyprus, is improving. The authorities plan to use some of revenues from future gas extraction in the Cypriot economic zone for this purpose, the president said.

The interview of Anastasiades will be shown on Rossiya-24 Television and published in the Rossiiskaya Gazeta.

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