Latest Headlines

Death threats for Greek Cypriot bank governor

13 April 2013

The Governor of the Central Bank of Cyprus, Panicos Demetriades, has said his family endures death threats from people who suffered a loss on their deposits.

He adds that these threats are making matters more difficult to manage, adding that the government is undermining the bank’s independence.

Demetriades went on to say that the government has committed to a sale of state gold without consulting the Central Bank and added that they constantly interfere with the management of the banks under resolution.

Demetriades claimed that the government did not have the right to remove the deputy governor, Spyros Stavrinakis, from his post.

The post of the deputy governor of the Central Bank is reserved under the Constitution for a Turkish Cypriot and his appointment by the previous government was made by invoking the law of necessity.

Two members of the Central Bank’s board, Andreas Matsis and Haralambos Akhniotis, resigned in recent days and a third board member, Louis Christofides, submitted his resignation on Thursday.

By