DeepDyve eBooks - A Diary of the Euro Crisis in Cyprus

Chapter 1Baptism of Fire

Demetriades, Panicos

Pages: 1 –10

[3 May 2012. BarcelonaBarcelona. A delightful setting with views of the Mediterranean sea. Warm and sunny with only a slight breeze.]

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Chapter 2Entering a War Zone

Demetriades, Panicos

Pages: 11 –29

[The Cypriot banking sector started growingEU membership uncontrollably in 2004, the year that CyprusCyprus became a full member of the European UnionEuropean Union. By 2011, banking sector assets more than doubled to reach €141.0 billion, or 9.5 times GDP.]

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Chapter 3A German Question

Demetriades, Panicos

Pages: 31 –39

[‘Panicos, why do you need the Russians in Cyprus?’ asked the most senior German official at the ECB, as soon as he sat down for our lunchtime meeting on Thursday, 14 June 2012 in one of the highest floors of the Euro tower, where the ECB used to be located.]

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Chapter 4Buying Time

Demetriades, Panicos

Pages: 41 –49

[At the European CouncilEuropean Council meeting on 26 October 2011, EU national governments agreed that they would be providing a backstop for banks that needed recapitalisation following the Europe-wide stress tests carried out by the European Banking Authority (EBA)European Banking Authority...

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Chapter 5“Two” Big to Fail

Demetriades, Panicos

Pages: 51 –61

[My first six weeks in office coincided with unprecedented political turmoil in GreeceGreece, which unleashed a huge wave of financial contagion in CyprusCyprus.]

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Chapter 6Too Big to Save?

Demetriades, Panicos

Pages: 63 –67

[Philip was clearly an old hand at the IMFInternational Monetary Fund (IMF). When he broke the news about his top-down estimates of the capital needs of the domestic banking sector, he had a grin on his face. It looked like he had done this sort of thing before. Many times.]

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Chapter 7A Russian Playground

Demetriades, Panicos

Pages: 69 –74

[Within days from 25 June 2012, the date that CyprusCyprus applied for financial assistance from Europe and the IMFInternational Monetary Fund (IMF), troikaTroika technocrats started descending on the Island.]

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Chapter 8A Bank Run and a Tearful Agreement

Demetriades, Panicos

Pages: 75 –79

[November 2012 wasBank run a tough month. The troikaTroika descended on CyprusCyprus but the negotiations started falling apart. President Christofias and his labour minister were reluctant to accept the labour reforms. There was also disagreement over other reforms, ranging from the management...

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Chapter 9The Euro at Breaking Point

Demetriades, Panicos

Pages: 81 –87

[The euroEuro was created as an irrevocable currency union. A country can opt in but can never opt out. This design was intended to prevent speculation, which could force it to unravel—the reason why fixed exchange rate regimes and informal currency unions are unlikely to be long-lasting. It was...

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Chapter 10Illusions

Demetriades, Panicos

Pages: 89 –93

[On Friday, 15 February 2013Deus-ex-machina, there was a high-level EurosystemEurosystem-Bank of RussiaRussia seminar in MoscowMoscow which I attended.]

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A Diary of the Euro Crisis in Cyprus

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A Diary of the Euro Crisis in Cyprus

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