The Cyprus Supreme Court today continued the hearing of 53 applications filed against last month’s Eurogroup decison to impose losses on uninsured deposits at the Bank of Cyprus and Laiki Bank.

The applications were filed both by Bank of Cyprus depositors who stand to lose up to 60 percent of the money and Laiki savers who risk losing their entire deposits as part of a bail-in arraangement in return for a 10-billion euro bailout for Cyprus.

Lawyers for the applicants argued that the decree issued by the Central Bank had a drastic effect on the property rights of the applicants.

Attorney General Petros Clerides objected to a petition by lawyers for the applicants to have the hearing postponed until they could get hold of documents pertaining to the case.

Clerides said that concluding the hearing into the applications was a condition for disbursing the first tranche of the loan money by international lenders.

He also said the haircut on deposits was outside the juristiction of the High Court as it was the result of a purely political decision amounting to international agreement to avoid the disorderly bankruptcy of Cyprus, as opposed to administrative acts affecting  the applicants intividually.