Cyprus Mail

Did the central bank withhold information that could have averted bail-in?

Former CBC boss Panicos Demetriades

By Stelios Orphanides

On Sunday January 20, 2013, roughly two months before a decision of the euro area finance ministers to allow the recapitalisation of the Cypriot banks with a haircut on deposits, two officials at the Central Bank of Cyprus (CBC) received information that could have averted the loss of billions of euros on deposits.

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