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More than 4,500 people who lost money in Cyprus’ 2013 banking collapse are finally seeing compensation, with €44.36 million being paid out on Thursday, officials said.
Government spokesman Konstantinos Letymbiotis announced that payments through the National Solidarity Fund have already been transferred to the Central Bank for distribution. He described the payouts as “not just a technical process, but a clear sign of the government’s political will to stand by citizens who were hurt.”
The money is being distributed to 4,524 depositors and bondholders who saw their savings wiped out during the so-called “haircut” imposed under Cyprus’ international bailout more than a decade ago.
Authorities said the process is running smoothly and all verified claims will be covered. Letymbiotis urged any remaining victims who have not yet entered their details into the online platform to do so quickly to confirm their losses and receive the compensation they are entitled to.
The 2013 crisis, which nearly pushed Cyprus out of the eurozone, saw depositors in the island’s two biggest banks lose billions as part of a controversial deal with international lenders.
