Cyprus Mail
Business Cyprus

Experts to help economic collapse investigation

The cabinet on Wednesday approved the employment of three experts to help investigators looking into the causes of the island’s economic collapse.

The government’s intention to strengthen the team had been announced last week after officials reviewed the course of the investigation in a meeting headed by President Nicos Anastasiades.

There has been criticism in recent days over the speed of the investigation into the collapse, which saw one bank close and another recapitalised by seizing clients’ deposits.

The scope of the police inquiry covers the banks’ expansion into Greece, bank corporate governance, the acquisition of Greek bonds, and how now-defunct Laiki Bank came to amass some €9 billion in emergency liquidity, a liability since passed onto the Bank of Cyprus.

Cypriot banks lost about €4.5 billion when European Union leaders agreed in late 2011 to a Greek debt write-down, designed to make that country’s debt burden more sustainable.

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