Citizens in Cyprus are believed to be hiding up to €800 million at home has they have lost trust in Cypriot banks.

Marios Kliridis, the head of the Union of Banks, made the claim, saying that citizens have lost their trust as a result of the financial crisis.

Kliridis called for the end of the rule which stipulates that money invested in a bank account cannot be withdrawn until three months have passed since its payment.

In 2013, the Cypriot economy shrunk by 7.7%. It is expected to shrink a further 4.8% in 2014.

World Bulletin