According to an official statement, Richter met with the President of the House Finance Committee Nicholas Papadopoulos who briefed him on the current economic situation on the island following the Eurogroup decisions. Papadopoulos pointed out that despite the fact that mistakes have been made in Cyprus in recent years in the handling of its economy, the way the Republic of Cyprus was treated at the Eurogroup meeting was “particularly unfair and harsh”. He also underlined that the decisions on Cyprus might become an example of how similar situations should be handled in the future. The statement said that Professor Richter agreed with Papadopoulos’ views.

Excluded from capital markets since May 2011 Cyprus applied for a bailout in June 2012, after its two largest banks requested state aid following massive losses amounting to €4.5 billion as a result of the Greek sovereign debt haircut and to cover is growing fiscal needs. Cyprus and the Troika of the European Commission, the European Central Bank and the International Monetary Fund agreed on March 25 on a €10 billion bailout which included imposing losses on bank uninsured deposits as well as fiscal consolidation measures amounting to 7.2% of GDP by 2016.

Source: Financial Mirror