Cyprus leader questions European bailout conditions

12 June 2013

Cyprus president Nicos Anastasiades thinks his country was treated unfairly in its quest to secure an international bailout package earlier this year.

The country followed the likes of Greece and Spain in reporting crippling financial problems and the island nation had little choice but to call for help from the global community.

Although Cyprus was given a €10 billion ($13.29 billion) rescue fund, Mr Anastasiades thinks the terms laid out by the International Monetary Fund, EU and European Central Bank were excessive.

Thousands of citizens lost their savings as the country was forced to accept strict banking conditions and the president feels the country did not receive the same level of help as neighbouring Greece.

In a letter to the three organisations, Mr Anastasiades raised questions about the "bail-in" process, which was the first of its kind in eurozone history and the main reason so many people lost out on their hard-earned money.

"It is my humble submission that the bail-in was implemented without careful preparation," he wrote.

By Gary Cooper

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