Fiscal Risks from Ongoing Lawsuits Against the State
October 4, 2024
The report from the Ministry of Finance reveals that the 195 ongoing legal proceedings against the state present serious fiscal risks to the Cypriot economy. The compensation claims range from €500,000 to €2 million, and the total potential financial cost could be significant. The legal cases include 135 actions against the Central Government, 37 against state entities, and 23 against Local Authorities. The legal actions mainly involve individuals financially affected by the deposit haircut in March 2013.