“One of the main criticisms directed against Demetriades has been how, under his watch, the now defunct Laiki Bank accumulated around €9.5 billion in emergency liquidity aid, only to buckle and fail when the ECB threatened to pull assistance. ‘How much independence can a central banker have when, from his statements, it appears he was serving other expediencies instead of his country’s interest,’ President Nicos Anastasiades said last year. For the state to get its €10 billion in bailout funds last March, the president said, it was told to privatise state companies, seize deposits, make painful cuts, and raise taxes.”
http://cyprus-mail.com/2014/03/10/cbc-governor-panicos-demetriades-resigns/
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