Cyprus ex-governor says government errors helped bring bank down

Demetriades rejects attacks claims made by CBC predecessor Orphanides

Central Bank of Cyprus, Nicosia
The Central Bank of Cyprus
Photo: TourinNicosia/Wikimedia Commons

Cyprus’s government was partly responsible for the failure of the country’s large co-operative bank, a former central bank governor told an official inquiry on October 29.

Panicos Demetriades said the other key factor in the March collapse of the Cyprus Co-operative Bank was the weakness of its own assets, including a very high proportion of non-performing loans, the Cyprus Mail reports. 

Demetriades told the inquiry that Cyprus’s current government, led by Nicos Anastasiades of the

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