Cyprus: wealthy Kykkos Monastery declares bankruptcy

After raking up 50 million euros in debt

29 September, 15:34

    (ANSAmed) - NICOSIA, SEPTEMBER 29 - The ancient Greek Orthodox monastery Kykkos, historically the richest and most important on the island of Cyprus, is the latest victim of the economic crisis the country has been suffering from since last year. Local daily Alithia reports that the monastery has accumulated about 50 million euros in debt and been forced to lay off 40 to 50 of its staff. Bishop Nikiforos told the media that he had made the decision ''with great sadness''. Due to a drop in revenue - mostly due to non-payment of rent by inhabitants of monastery property holdings - the ancient abbey will be forced to suspend some of its programs, including a center for social and spiritual support, a scientific foundation for international studies on religion, a research center, a Greek-Cypriot language school and the museum administrative offices. Nikiforos said that Kykkos could get European funds to prevent its shutting down entirely, and that the monastery had suffered a severe financial blow in March 2013 after the Eurogroup's decision (implemented by the Nicosia government) to cut all bank deposits of over 100,000 euros by 50%. The Kykkos Monastery bank account was one of those affected. (ANSAmed).

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