Bank of Cyprus reported losses of 2.04 billion euro for 2013, slightly less than the 2012 losses of 2.21 billion euro as a result of a decrease in losses during the last two quarters of 2013. The total loss during the second half of the year was down to 235 million total. Non-serviceable loans for Bank of Cyprus reached 14 billion euro.

Hellenic Bank reported losses of 191 million for 2013 a substantial increase from the 23.4 million losses in 2012.

Is there a way out of this mess?