The European Court rejects the annulment of 2013 Eurogroup agreement that included haircut on bank deposits

 

Written statement of Stavri Kalopsidiotou, Member of the Cyprus Problem Office and C.C. of AKEL

AKEL C.C. Press Office, 6th November 2014, Nicosia

 

The Court of Justice of the European Union, according to the statement it issued yesterday, rejected the applications filed by Cypriot citizens and an insurance fund asking for the annulment of the political agreement of the Eurogroup on 25th March 2013, which included the haircut and levy on bank deposits.

Without entering into the legal analysis the European Court made, which concluded that on the basis of the EU Treaties the European Commission and European Central Bank are not held responsible for the decision that was contested, it is evident that it avoided dealing with the substance of the issue. The European Court yet again focusing on procedural matters unfortunately avoided expressing a position on an otherwise evident violation of fundamental rights of citizens.

Regretfully, the decision itself makes it clear that an “informal forum”, as the Eurogroup is termed, which could not in any case create legal effects, imposed in reality through flagrant blackmail the punishment of a whole people. This indeed is a provocation. However, the fact that – as the relevant decision registers – the government and the government of Cyprus/ruling forces consented to this blackmail provokes every Cypriot even more, namely that they give in to the blackmails
of the Eurogroup and the Troika, allowing the illegal economic crime that was committed and is still continuing, to victimise our people.