Monday September 1, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus to start prosecutions for economic meltdown

Cyprus will start legal prosecutions related to its economic meltdown a year ago in the coming weeks, the country's top legal official said on Thursday, without specifying who they would target.

Attorney General Costas Clerides said authorities would be working with experts from abroad in building cases, but declined to go into more details.

"Cases which are ready, or almost ready, will be referred to court in coming weeks,» Clerides said.

Cyprus came close to economic collapse in March 2013 because of the heavy exposure of its banks to indebted Greece and fiscal slippage.

It was forced to shut one major lender and large depositors had to forfeit their savings to recapitalise a second in return for 10 billion euros ($14 billion) from the European Union and the International Monetary Fund.

The two banks, the now-defunct Laiki and Bank of Cyprus, chalked up massive losses from an EU-sanctioned writedown of Greek sovereign debt, forcing an already cash-starved state to buckle and seek emergency aid from

lenders.

One report compiled by Central Bank consultants said that the former management of Bank of Cyprus ploughed millions into risky, high-yielding Greek debt to offset an erosion of its balance sheet from rising non-performing loans.

The report also highlighted deletions of data at the bank which delayed their probe.

[Reuters]

ekathimerini.com , Thursday February 20, 2014 (17:04)  
Education minister calls for probe into predecessor´s reform plan
Anti-racism bill goes back to Parliament
Sanitary landfill for Ilia in Peloponnese given green light
Deputy Education Minister quits for ‘personal reasons´
September off to slow start in Greek bourse
September started with marginal losses at the Greek bourse and the fourth-lowest daily turnover this year as investors continued to stay away due to the lack of a clear fiscal landscape ahea...
Deadline looms for Cyprus vote on key bill
International lenders will withhold the next payment in Cyprus’s 10-billion-euro bailout unless the island’s Parliament passes a crucial law this week speeding up foreclosures of nonperformi...
Inside Business
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
SOCCER
Tough draw for Greek sides in Europa League group stage
Following Thursday night’s high, when all three Greek teams competing in the Europa League made it into the group stage of the competition, a harsh reality struck Friday as they found out wh...
Inside Sports
ANALYSIS
EU’s three big problems all linked
The outgoing president of the European Council, Herman Van Rompuy, said at the weekend that his successor, Donald Tusk, currently Poland’s prime minister, faces three big challenges: the sta...
COMMENTARY
A great president
I fully understand the country’s need for political stability, a necessity which makes the election of a president by the current Parliament absolutely imperative. At the same time, however,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Education minister calls for probe into predecessor´s reform plan
2. September off to slow start in Greek bourse
3. Anti-racism bill goes back to Parliament
4. Sanitary landfill for Ilia in Peloponnese given green light
5. Deputy Education Minister quits for ‘personal reasons´
6. Two injured after being shot at christening
more news
Today
This Week
1. Excavation work at Amphipolis reveals section of marble mosaic floor
2. A great president
3. Erdogan visits Turkish-occupied Cyprus
4. Greek economy shrinks at slowest pace since late 2008
5. Don’t feed the zombies
6. Greek officials meet to fine tune strategy for Paris talks with troika
Today
This Week
1. Attack on gay couple in Athens leaves one man needing surgery
2. The battle against progress
3. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.