At least 1,600 Greek businesses - from shipping, retail to tourism - will suffer from the Cyprus bailout deal announced on Sunday after a showdown between Brussels and Nicosia, according to Vasilis Korkidis, head of the National Confederation of Greek Commerce (ESEE). “The tragic situation in Cyprus will certainly have immediate effects on the Greek market, since a large part of the domestic businesses maintain close ties with Cypriot companies,” Korkidis said in a statement. He was particularly critical of the capital controls and the impending haircut on large deposits (over 100,000 euros) expected to be more than 40%.
OTE Hellenic Telecommunications Organisation OTE has approximately 3m euros deposited in Bank of Cyprus, Cyprus Popular Bank (CPB) and Hellenic Bank. OTE confirmed this in an announcement to the Athens Stock Exchange, where it experienced a 9.26% drop yesterday.