UN Envoy Downer Among Cyprus Depositors

The United Nations Special Adviser to the Secretary-General of Cyprus, Alexander Downer is among the Australian depositors who will lose money under the new bank depositors’ tax, if it prevails.

The Australian former minister for Foreign Affairs told the Australian media that he holds a personal bank account in Cyprus, but declined to reveal the amount. He noted that he would be levied at 6, 75 per cent but did not seem particularly upset. “The alternative is that the bank would go broke, and I’d lose all my money that I have in the bank”, Downer said.

According to Australian newspapers, Australian investors have deposits in Cypriot banks up to $75,000,000.

The well-known businessman and former president of the Cyprus Community of Melbourne, Stelios Aggelodimou, who often visits Cyprus, declared that Australians’ deposits in Cyprus are limited.

“Nobody likes losing his money but we will all be burdened with a cost in order to help our country escape bankruptcy. The fact that an expatriate from Australia has his money in Cyprus means that he has no direct need of it. This means that he can make a small sacrifice for his country. Cyprus will overcome the financial crisis”, Aggelodimou said and added: “Besides, the deposits will be compensated in some way, according to President Anastasiades.”

The also well-known businessman of Cypriot descent Dinos Toumazos, noted that as far as he knows, there are very few Cypriot-  Australians who have deposits in Cyprus, but pointed out that “all Cypriots of Australia are terribly worried and shocked about the situation in their country.”

Transactions in Australia recovered on March 19 and covered the fall that was noticed the previous day. It is estimated that on Monday 18, $28 billion was lost concerning Australian transactions due to the dramatic developments of  Cyprus’ bailout plan, but investors returned on Tuesday and covered the difference.