The ink was barely dry on the bailout of the Cypriot banking system last week when the legal challenges began rushing in, with local lawyers backed by influential business figures already winning some small victories.
The first serious challenge was launched by the Church of Cyprus, which
has big business interests on the island, questioning the legality of
shareholders in the Bank of Cyprus having their equity stakes taken as part of the bailout mechanism.
“The expropriation of property is contrary to the constitution of Cyprus
and the European Declaration of Human Rights,” said Kypros
Chrysostomides, partner at local tax firm Dr K Chrysostomides.
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