A Diary of the Euro Crisis in Cyprus Lessons for Bank Recovery and R
This book tells the story of the euro crisis in Cyprus from the inside. Written by the former Governor of the Central Bank of Cyprus, Panicos Demetriades, who was in office during this turbulent period, this book shows how the crisis unravelled through a
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A DIARY OF THE EURO CRISIS IN CYPRUS Lessons for Bank Recovery and Resolution
A Diary of the Euro Crisis in Cyprus
Panicos Demetriades
A Diary of the Euro Crisis in Cyprus Lessons for Bank Recovery and Resolution
Panicos Demetriades University of Leicester Leicester, UK
ISBN 978-3-319-62222-4 ISBN 978-3-319-62223-1 (eBook) DOI 10.1007/978-3-319-62223-1 Library of Congress Control Number: 2017951553 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover design by Samantha Johnson Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Sofia, Emma and Polis.
Foreword
Perhaps the standard image of the role of a Central Bank Governor is that of an aloof technocrat, dealing with the intricacies of monetary minutiae and econometric modelling, far beyond the ken of normal mortals. If that was also your own view, this book will come as a shock and a revelation. Central banking, especially the role of a Governor, can become unbearably exciting, especially in a crisis. My friend, Panicos Demetriades, was dropped into his new role of Governor of the Central Bank of Cyprus starting in May 2012, slap-bang right into the middle of one of the most extreme financial crises of recent years; and such crises are no longer rare events. Cyprus may only be a tiny country, but this crisis was big enough, and sufficiently badly handled on occasions, to have international ramifications. Although Panicos was only Governor for 2 years, May 2012 to April 2014, his period in office was action-packed, with one dramatic event following another so fast that at times it all must have seemed a blur. So he has a remarkable tale to
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