NICOSIA - Laiki Bank CEO Takis Phidias said that “this is a tragic day for Cyprus”, adding that it is “a joke” to talk about securing the jobs of the bank’s employers with the creation of a bank whose largest deposit will be €100,000. 
Phidias said that there should be an equal distribution of responsibility, and that it was unfair that Laiki employers and costumers be punished for the mistakes of others. “The bankers who are responsible for this mess should be held responsible, not the people of Laiki”.
If the legislation was enforced, it would bring chaos to Cyprus.
Fidias said that the ‘haircut’ would benefit the economy.