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CBC’s Stavrinakis loses appeal

THE Supreme Court on Friday rejected an appeal filed against president Nicos Anastasiades’ decision to sack the central bank’s deputy governor Spyros Stavrinakis.

Stavrinakis, a senior CBC director, was appointed deputy governor by former president Demetris Christofias just two weeks before the February 17 presidential elections.
Anastasiades rescinded the appointment a month after winning the elections.
Both Stavrinakis and central bank governor Panicos Demetriades appealed the decision.
The Supreme Court upheld a pre-trial motion raised by the defence that Stavrinakis did not constitute an authority, thus, he could not file an appeal.
The appeal filed by the governor however, will be heard on March 13.
The CBC board wants to withdraw the appeal but the governor disagrees.
Christofias had claimed the appointment was necessary due to the CBC’s increasing obligations, rejecting suggestions that it was politically motivated.
The position is reserved in the constitution for Turkish Cypriots and had been vacant for the past 50 years.

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