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Georgiades hits back at being blamed for Co-op collapse

Finance Minister Harris Georgiades

Hours after the release of the report which largely blamed him for the Co-op’s demise, Finance Minister Harris Georgiades hit back on Wednesday, saying political responsibility was one thing and acting responsibly another.

Georgiades said he could not comment directly on a report that he had not yet seen, but he defended the government’s actions on the issue.

“In the case of the Co-op bank we had been called on to manage a chronically toxic situation,” he told reporters. “Some people may have a different view. Some people may have wanted this situation maintained.”

The minister said the administration had taken difficult but necessary decisions and their results were already visible.

“The government’s decisions have secured confidence and stability, have bolstered the Cypriot economy through consecutive upgrades, (and they) have ensured growth prospects,” he said.

Differing political views are understandable and respected but the government’s plans were clear, as is the distinction between political responsibility and acting responsibly.

“I will respond when I get the chance to study the report,” he said.

 

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