Greek Cypriots hiding €800m at home

Due to the economic crisis, many Greek Cypriots have lost trust in their banks.

Greek Cypriots hiding €800m at home

World Bulletin / News Desk

Citizens in Greek Cyprus are believed to be hiding up to €800 million at home has they have lost trust in Greek Cypriot banks.

Marios Kliridis, the head of the Union of Banks, made the claim, saying that citizens have lost their trust as a result of the financial crisis.

Kliridis called for the end of the rule which stipulates that money invested in a bank account cannot be withdrawn until three months have passed since its payment.

In 2013, the Greek Cypriot economy shrunk by 7.7%. It is expected to shrink a further 4.8% in 2014.

Güncelleme Tarihi: 10 Aralık 2013, 17:59