On 25 March 2013, a €10 billion international bailout by the Eurogroup, European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) was announced, in return for Cyprus agreeing to close the country’s second-largest bank, the Cyprus Popular Bank (also known as Laiki Bank), imposing a one-time bank deposit levy on all uninsured deposits there, and possibly around 40% of uninsured deposits in the Bank of Cyprus (the island’s largest commercial bank), many held by wealthy citizens of other countries (many of them from Russia) who were using Cyprus as a tax haven. No insured deposit of €100,000 or less would be affected.
Two years later, and a much poorer Cypriot public is still bitter about the EU’s unprecedented bail in.
A few hundred Cypriots made their way to the Cyprus Central Bank and The Bank of Cyprus HQ to let the all powerful EU banking clan know exactly how they feel.
Considering that the EU raided people’s deposit accounts for a €10 billion shortfall two years ago, while today the EU is pumping billions into the non-member state of Ukraine to continue its war against Donbas civilians…we would say that a few hundred Cypriots throwing rocks at windows is getting off lightly.
You can listen to the rocks pelting the Bank of Cyprus windows before police arrive to quickly put an end to the protests.