Russians consider lawsuits over Cyprus losses

Fox Business
Tuesday 26th March, 2013

MOSCOW – Russian businesses and banks that face losses from the European Union’s bailout of Cyprus are considering legal action but may have a hard time making a case, say lawyers who are combing through treaties find strategies to recover funds. Big depositors – many of them Russian – face losses of up to 40 percent as the result of a so-called ‘bail-in’ to back 10 billion euros ($13 billion) in EU financial aid to stabilize the Cypriot banking system. “It’s worth trying, it’s not going to be easy, its not going to be a one-off, 24-hour court case, but the nature of the action itself so…

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