Cyprus & World News

Cyprus President calls a meeting on economy on June 24

06 June, 2014

President of the Republic Nicos Anastasiades has called a meeting on June 24 to review the progress of investigations that are underway into Cyprus` economy debacle, Government Spokesman Nikos Christodoulides announced here on Friday.

In statements to the press, at the Presidential Palace, Government Spokesman said that during the meeting President Anastasiades will be informed about the progress of investigations and inquiries into the state of the economy.

“A zero tolerance for all those responsible for the state of the economy is the Cypriot society’s demand and the President’s confirmed position”, he noted.

The chairperson and the members of the parliamentary Committee on Institutions which has recently issued a comprehensive report into the causes of the island’s economic catastrophe were also invited to take part in the meeting.

The Spokesman made it clear that the meeting did not intent to interfere with the work being carried out which is entirely the responsibility of the Attorney General.

The Government Spokesman also expressed Governement`s satisfaction over the decision of the European Bank for Reconstruction and Development (EBRD) to commence operations in Cyprus, adding that "its presence here and its decision to establish an Office as of September 1 is a tangible evidence that we are on the right track.

He also noted that EBRD presence here sends a message to international investors about the opportunities available in our country.

Cyprus, one year ago agreed with the EU and the IMF on a €10 billion bailout which featured an unprecedented haircut on deposits over €100,000 to recapitalize the island`s troubled banks. Bank of Cyprus absorbed the good part of Laiki Bank which has been wound down.