Draghi enters fray to defend Cyprus central bank independence

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Mario Draghi has thrown the weight of the ECB behind the Central Bank of Cyprus and its governor Panicos Demetriades in a letter to the country's president warning him of the implications of violating central bank independence.

Draghi, who spoke after a meeting of the Eurogroup in Dublin today, says his key message to president Nicos Anastasiades is "that the independence of central banks in the euro area is enshrined in the treaty" and that the ECB "will look at developments in Cyprus from this

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