CYPRUS: Finance Minister gets full backing from President over Co-op inquiry

President Nicos Anastasiades has backed his Finance Minister, rejecting findings of a public inquiry into the demise of the Cyprus Co-op Bank which found Harris Georgiades primarily responsibility for its demise.

By openly backing Georgiades, the President has directly responded to calls from the Opposition to sack the minister, while at the same time highlighting his administration’s achievements on saving the economy.

In a written statement, Anastasiades gave his absolute support to the minister and his achievements on setting the economy back on track following the bailout crisis in 2013.

The President also cited international rating agencies returning the country to investment grade as proof of this success.

Anastasiades despite rejecting the Co-op report, said that he will further study its findings and called on the Attorney General to perform his duty as described in the constitution.

The president has received criticism in the aftermath of his support for Georgiades and failing to make the right decision.

Opposition parties reminded the president of his harsh criticism of then President Demetris Christofias after his refusal assume political responsibilities attributed to him following a probe into the tragic explosion of ammunitions stored at a naval base in Larnaca’s Mari in 2011, which killed 13 people.

Anastasiades, DISY’s chairman at the time, called on Christofias to step down after some of the blame was laid at his door for the blast.

DIKO President Nikolas Papadopoulos also cited statements by Georgiades at the time who also called on Christofias to resign as DISY’s spokesman.

Talking to Sigma TV, government deputy spokesperson, Klelia Vasiliou, confirmed that the Finance Minister had tendered his resignation on Thursday, which was not accepted by the President.

“This was the second time Harris Georgiades tendered in his resignation to the President of the Republic,” said Vasiliou.