‘We were very late with the memorandum’

Published on 14 August 2013 at 10:32

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Speaking to an inquiry committee into responsibility for the Cypriot banking crisis on August 13, the governor of the island’s central bank, Panicos Demetriades, remarked that if the European bailout plan had been adopted in 2012, or at the end of 2011, the consequences for depositors and the island’s economy would have been less severe, reports Politis.
Adopted in March 2013, the bailout plan cost Cypriot banks €4.5bn.
Demetriades affirms that six months after his appointement in May 2012, he sent several letters to the Cypriot President and Minister for Finance of the time, urging them to proceed with negotiations with Brussels.
Demetriades added that European leaders also postponed negotiations on the memorandum in the wake of the island’s 2013 presidential election.

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