Russian businessmen lawsuits Vs State & Banks:
The Russian businessmen affected by the haircut are thinking of using the law to punish those responsible. After the Eurogroup decision some Russian businessmen are very angry for their affected deposits and they are going to proceed to lawsuits. However, the legal and financial sector support that this will be a very difficult case.
The executive director of a law firm in Moscow stated that it is worth studying the option of lawsuits; however things will not be easy. It will be a very long legal process and the options provided are lawsuits against the state or against the banks.
2 Russians, one of them currently living in Cyprus, already asked for legal advice concerning this matter, as well as 3 huge banks in Russia asking for advice on how to handle the situation.
Three possible scenarios for the Welfare offices deposits
There are 3 possible scenarios discussed by the government in order to manage to save the welfare offices.
The first scenario provides that the deposits and investments of the welfare offices invested in Laiki are transferred safely to the good Laiki which will be created. However this scenario provides that the welfare offices deposits are going to go through haircut since they are going to be transferred to the Bank of Cyprus which will absorb the good Laiki.
Thus if they are transferred there they will be treated the same way the rest of the unsafe deposits will be treated at Bank of Cyprus.
The second scenario, discussed by the government is to create a law that will financially cover the Welfare offices needs through time by the state.
The third but less possible scenario is to impose further solidarity fee on the deposits.
Nothing is decided for sure yet. The government is trying to choose the less painful but possible scenario.
