Cyprus’s finance minister blocked reform of failed bank – governor

Georghadji says collapse of Co-op Bank cost Cyprus government around €5 billion

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

Cyprus’s central bank governor Chrystalla Georghadji has accused the country’s finance minister of blocking her attempts to reform the country’s biggest domestic deposit bank, which failed earlier this year.  

Georghadji also told an official inquiry that the government had spent around €4.2 billion ($4.5 billion) on unsuccessful efforts to bail out the Cyprus Co-operative Bank. This is more than double previous estimates of around €1.7 billion that was widely published in Cyprus’s media. The

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account