Full Description
This book tells the story of the euro crisis in Cyprus from the inside. Written by the former Governor of the Central Bank of Cyprus, Panicos Demetriades, who was in office during this turbulent period, this book shows how the crisis unravelled through a series of key events that occurred during his tenure.
Written in chronological order, and broadly based on the author's personal diary, starting from his first day in office, this volume brings together economics, banking, regulation, governance, history, politics and international relations.
Presenting personal witness statements, including records of noteworthy telephone conversations, informal meetings and other milestones, it examines crucial questions like: How did Cyprus become so systemically important to the rest of the euro area? Why was Cyprus treated so differently in comparison to other peripheral countries in Europe? Why were bank depositors targeted? What role did Cyprus' links with Russia play in the design of the programme? What has been the toxic fallout from the bail-in? Are there any longer-term implications for the euro? What are the lessons for regulators around the world?
The book will appeal to readers interested in financial crises, the euro's architecture, the evolution of the European Monetary Union, and those with an interest in how Europe and the IMF dealt with crises in peripheral European countries.
Contents
Chapter1 Introduction.- Chapter2 Baptism of Fire (Barcelona).- Chapter3 Entering a War Zone (Nicosia).- Chapter4 A Secret Lunch (Frankfurt).- Chapter5 In the Footsteps of Alexander.- Chapter6 A €13.5 Billion IMF Bill (or 'Your country is bankrupt').- Chapter7 A Russian Playground and a German Election.- Chapter8 An Ultimatum, a Bank Run and a Tearful Agreement.- Chapter9 Hostage to those who want to Destroy the Euro.- Chapter10 Nyet from Moscow.- Chapter11 An Angry Prez.- Chapter12 Taxing the Poor to Help the Rich.- Chapter13 Looking at the Abyss.- Chapter14 Sleepless Nights.- Chapter15 Dragoman of the Troika.- Chapter16 The Independents (Two Englishmen, a Cypriot and A Swiss).- Chapter17 The Toxic Fallout from Bail-in.- Chapter18 Lessons from Cyprus.
