Affected Depositors and Bondholders Throw Down the Gauntlet – DISY, DIKO, and Greens Respond
The "Haircut" Victims Throw Down the Gauntlet
- DISY: We have supported and continue to support the "haircut" victims—our party created the Solidarity Fund.
- DIKO: The Compensation Scheme must continue until full restoration—the State must deliver justice.
- Green Movement: We are pushing to completely rectify the tragic injustice of 2013.
- Other parties have not responded so far – Fidias has requested a meeting.
Haircut bondholders and depositors of the former Laiki Bank are posing four critical questions in a letter addressed to all political parties. Through their associations, SYKATA and SYKALA, they are calling on parliamentary parties and candidates to answer four specific questions straightforwardly.
The associations of the "2013 haircut victims" note in their letter that they represent several thousand families who experienced great hardships when they saw their lifelong savings vanish overnight. "Behind every victim is at least an entire family that experienced the same financial and psychological attrition," the letter emphasizes.
- How do you intend to contribute to a full investigation of the events of 2013?
- How do you intend, in cooperation with the Ministry of Finance and the Treasury, to push for the drafting of the budget and the Fund's new plan, so that a second disbursement becomes possible within 2026?
- How will you support the institutionalization of the Fund's endowment and a substantial increase to it, so that it gains real substance and the restoration of the victims is accelerated?
- How will you involve yourselves in this "absurd" process of state institutions demanding legal costs from the victims, and how will you move to exempt the haircut victims from such irrational demands?
According to the two associations, responses were received from DISY, DIKO, and the Green Movement. The "Direct Democracy" movement of Fidias Panayiotou requested a meeting with the leadership of the associations before providing written answers.
In its written response, DISY reminds the associations that it was the creator and proponent of the Solidarity Fund, "which had not been passed unanimously in Parliament."
Annita Demetriou, President of the Democratic Rally (DISY), notes that since 2019, her party ensured that "the Fund is strengthened annually by the state budget, so that it gains critical financial power to begin its operation." She reminds the associations that, through a DISY legislative proposal, an effort was made for regular funding of the Fund via a levy on bank deposits. However, she added, "the proposal was referred to the Supreme Court and was deemed unconstitutional."
DISY, Ms. Demetriou notes, "has proven that it treats the issue as a matter of justice for those who bore the greatest burden of the 2013 financial destabilization and destruction," adding: "Among DISY's goals and priorities for the coming years is a brief, explicit, and clear reference that the Solidarity Fund should complete its mission no later than within 10 years."
"We consider the goal of achieving full replenishment of losses through annual installments by 2035 at the latest to be absolutely feasible," she adds. "This is the political line that DISY has served and will continue to serve," Ms. Demetriou emphasized.
DIKO responded extensively to all four questions. Party President Nicolas Papadopoulos stated regarding the first question that he, as Chairman of the House Finance Committee, had prepared a multi-page statement in the form of a deposition, which he presented to the Piki Committee.
The DIKO letter adds that the center-right party has for years supported the commencement of a substantial compensation plan for depositors, shareholders, and bondholders. "We welcome the fact that, at our demand, the Christodoulides government has started a compensation plan for the 2013 haircut victims," it adds.
DIKO’s position is that this plan must continue until full restoration. "As a party, we will continue to demand that the allocation for the Solidarity Fund is always included in the state budget until the full restoration of depositors and bondholders."
Regarding the fourth question, DIKO expressed the view that legal costs for court cases are the exclusive jurisdiction of the courts. "It is our view that this is a political and not a legal issue. It is not the courts that will bring justice and restoration to the haircut victims. It is the State, through a comprehensive and structured compensation program, that will bring justice," DIKO concluded.
In its response, the Green Movement reminded that it was by the side of the haircut victims from the very beginning to rectify "this great injustice committed in 2013." They stated that the Movement has been constantly pushing for the start of the return of the "stolen" funds, as they phrased it.
Regarding the aspect of compensation via immovable property, the Green Movement notes that the process is being delayed dramatically in terms of endowing the Fund with state land.
"As the Green Movement – Citizens' Cooperation, we continue the pressure and hope to emerge stronger from the upcoming parliamentary elections so that we have a more powerful voice," the Movement added.
The two associations of bondholders and depositors pointed out in their letter that the responses from the parties will be made public to their members so that they may act accordingly in view of the parliamentary elections.
