Cyprus bail-ins were justified, ECJ rules

The presidential palace in Nicosia, Cyprus

Eurozone authorities acted justifiably in the way they “bailed in” some stakeholders in the country’s banks during the eurozone’s sovereign debt crisis, the European Court of Justice has ruled.

Several companies and individuals brought a law suit before the ECJ complaining of how they had been treated in connection with the bail-in of Cyprus Popular Bank (“Laïki”) and Bank of Cyprus. The plaintiffs were shareholders or bondholders in the banks, or large-scale depositors.

In 2012, several banks

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