Cyprus Mail
Business Cyprus

Personal, political agendas bankrupted Cyprus, report says (updated)

By Stelios Orphanides

Failed lender Cyprus Popular Bank remained in operation until March 2013, even as authorities in both Nicosia and Frankfurt knew it was insolvent as back as by November 2011, a report disclosed yesterday by the New York Times said. This served political and personal agendas of the ex-president and two former central bankers.

Cyprus Popular Bank, also known as Laiki, was already bankrupt in October 2011, before European leaders agreed on Greece’s debt restructuring at which the lender wrote down 3 billion euros in Greek government bonds, the report said.

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