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Rights Of European Union Depositors Under Article 17 Of The Charter Of Fundamental Rights After The Cyprus Bail-Out, Paul Artemou
Rights Of European Union Depositors Under Article 17 Of The Charter Of Fundamental Rights After The Cyprus Bail-Out, Paul Artemou
Pace International Law Review
Banks in the Republic of Cyprus began to deteriorate in 2010 due to risky investments with Greece. The two largest Cypriot banks, Cyprus Popular Bank (Laiki) and Bank of Cyprus (BoC), undertook losses, which made the country economically unstable. After requesting financial assistance from the Eurogroup and International Monetary Fund, there was an agreement for Cyprus to raise € 4.2 billion in return for a € 10 billion bailout. Part of the agreement in raising the funds was a levy of bank deposits towards the recapitalization needs of the two largest banks.
The Cyprus bail-in was unpopular and received much …