Cyprus governor hits back over reports of bank re-cap ‘success fee'

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Central Bank of Cyprus (CBC) governor Panicos Demetriades has hit back at reports that he secretly agreed to pay a consultancy helping restructure the country's financial system a so-called ‘success fee' based on the size of bank recapitalisations, blaming the allegations on "orchestrated efforts" to force him out of office.

On Monday, a local TV station reported the central bank's board were looking into whether the contract signed with consultancy firm Alvarez and Marsal contained a clause

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