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Cyprus

Plenum meets to discuss economy report

Ethics Committee chairman Demetris Syllouris addresses the plenum

The House plenum was meeting on Tuesday in an extraordinary session to discuss the Ethics Committee’s report into the near collapse of the economy.

The session, which is expected to last most of the day kicked off with a summary of the report compiled by the committee and presented by its chairman Demetris Syllouris.

Party leaders were then due to follow with lengthy speeches of their own, and after that deputies. Some 25 speakers were due to address the plenum.

Reports said they would be breaking for lunch at 1pm and the meeting would resume at 3pm.

The committee’s findings were published last week. It blamed the now-defunct Laiki Bank, whose management and officials, “acting in a methodical, systematic and criminal manner”, led the lender, and, at the same time, the Cypriot economy to collapse.

The committee concluded there had been a strategy of unloading debt onto Cyprus through Laiki’s Greek operations, forcing the bank to increase its exposure to Emergency Liquidity Assistance (ELA) and possibly transferring it to Greece to cover interbank lending there.

The report, spanning some 440 pages, 1200 with the annexes, covers an 18-month investigation.

 


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