University of Cyprus Among Casualties of ”Haircut”

anamericanincyprus

The University of Cyprus banked with Cyprus Popular Bank (Laiki) and Bank of Cyprus and has therefore lost most of its money, including grants held by its researchers. The chancellor stated in an internal email that the university has put maintaining the health insurance of its employees and replacement of the funds of European grants in top priority. It is not known whether grants attained from other sources will be replaced or whether employees or services providers will be paid.

Anxiety runs high as the university community faces the real possibility of no salaries and a complete loss of funds earned by its researchers.

 It is not known whether the University of Cyprus will receive any funding from the government bailout package to replace those lost by the haircut.