Cyprus’s finance minister blocked reform of failed bank – governor
Georghadji says collapse of Co-op Bank cost Cyprus government around €5 billion
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
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