Central Bank of Cyprus governor warns austerity is not enough

panicos-demetriades

Panicos Demetriades, governor of the Central Bank of Cyprus, has backed the view that austerity measures alone will not be enough to get eurozone economies back on track.

Speaking on May 12 at a conference held by ETYK, the trade union for Cypriot bank workers, Demetriades said policies to promote growth and stem rising unemployment were now necessary.

Noting recent comments from both Mario Draghi, president of the European Central Bank, and Olli Rehn, vice president of the European Commission,

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