A letter asking to renegotiate the bailout plan. The sender is Nicos Anastasiades, president of the Republic of Cyprus, who according to some rumors published today by the Financial Times would have asked European leaders to ease the conditions for their country.
In March Nicosia obtained 10 billion in international aid, against the 17 needed to avoid bankruptcy. To cover the remaining quota, heavy sacrifices were imposed on the island, including the taxation of the richest bank deposits (mostly of Russian origin).
Anastasiades is now denouncing the consequences of the restructuring of the banks, which, "implemented without careful preparation", would have literally suffocated businesses. According to the Cypriot president, the economy would have fallen into a deep recession, increasing unemployment and making fiscal consolidation more difficult.
“I urge you to reconsider the situation in order to determine a viable outlook for Cyprus and its people,” wrote Anastasiades.
