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The Bank of Cyprus announced a restructuring plan on June 18, which includes the layoff of 2,000 to 2,500 employees, pay cuts of 11 to 30 per cent, and a reduction – perhaps even cancellation – of severance pay, reports the Cypriot daily.
The plan, which is to be implemented by the end of the year, was made necessary by the bailout and absorption of the debt stricken Laiki Bank.
At the same time, President Nicos Anastasiades has sent a letter to Eurozone leaders criticising the terms for the rescue of the country’s banks, and demanding a review of the €10bn international bailout approved by the Nicosia parliament on April 30, which he describes as “unjust”.
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