Cyprus president adamant on appointing new centralbanker

President Christofias is not backing down on the issue of re-appointing Athanassios Orphanides as Central Bank governor for another five years at the end of this month and has extended his list of hopefuls to include two former ministers – Praxoula Kyriakou Antoniadou and Charilaos Stavrakis.
Already, Christofias had been keen to appoint his own favourite, Panicos Demetriades, a finance professor at Leicester University, while another viable option could be another economics professor, Aris Spanos from Virginia University.
Both the incumbent finance minister, Vasos Shiarly, and his predecessor, Kikis Kazamias, were reportedly in favour of Orphanides remaining in his post, especially as he enjoyed respect within the European Central Bank as a Council member and policymaker.
But the centralbanker was at odds with the government’s inability to control public finances and his comments were viewed by the communist party leadership as being critical of the administration’s policies.
Antenna TV reported that Christofias never forgave Orphanides for taking part in the public demonstrations outside the president palace last July following the blast at the Mari naval base and the destruction of the island’s central power station at Vassiliko.