Monday March 30, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Stavrinakis appointed Central Bank of Cyprus deputy governor

The Central Bank of Cyprus named Spyros Stavrinakis deputy governor as it braces for an increased workload under a planned bailout of the euro-area country’s lenders.

The promotion of Stavrinakis from his post as senior director “significantly reinforces” the Nicosia-based central bank’s ability to meet the challenges facing the financial sector and the economy, Governor Panicos Demetriades said in an e-mailed statement on Monday. Cyprus hasn’t had a deputy central bank chief since 1964.

Cyprus has been in negotiations with the European Commission, European Central Bank and International Monetary Fund over the size and terms of a bailout since June, when it became the fifth euro area country to request aid. Completing an agreement on the rescue will probably fall to the winner of a February 17 presidential election.

Government spokesman Stefanos Stefanou said the appointment is constitutional and vital as lenders “find themselves in the most difficult situation since 1974,” according to comments posted on the Press and Information Office’s website.

Stefanou spoke after opposition party leaders including DISY leader Nicos Anastasiades, who leads in polls ahead of the election, criticized the promotion as unconstitutional and unethical, especially as it comes so close to the vote, state-run CyBC television reported.

Yorgos Lillikas, an independent candidate in the presidential race, said the appointment was unconstitutional as the position is meant to be filled by a Turkish Cypriot. The move will call into question Cyprus’s resolve to reunify the two sides, according to comments posted on his website.

Stavrinakis, who has worked at the central bank for 35 years, oversees four departments, including bank supervision and regulation, financial stability and licensing. In 2007, he was appointed as deputy IMF representative for Cyprus. He studied economics at the University of Manchester and holds a Master’s of Business Administration from the University of Sheffield, both in the UK.

Pacific Investment Management Co. was hired to review the portfolios of Cyprus’s banks, which took losses from holdings of Greek government bonds in the country’s debt restructuring last year, in order to assess their recapitalization needs. Pimco’s worst-case scenario for the lenders is 9.2 billion euros and its baseline scenario is 6 billion euros, Nicosia- based broadcaster Sigma reported on Sunday.

[Bloomberg]

ekathimerini.com , Monday February 4, 2013 (22:53)  
Greece´s OPAP 2014 profit jumps on new games, cost cuts
European stock-index futures rise as investors look to Greece
ECB nerves fray on Greece as supervisors rile central bankers
Greek markets show all at risk should mistake trigger a default
Work on tram extension begins in Piraeus
Traffic restriction began in Piraeus on Monday as work began to extend the tram line to the port. Drivers are advised to follow the diversions put in place by authorities. The work on the tr...
Claim of responsibility for Athens police precinct attack
An attack on Dafni police station in southern Athens has been claimed by an unnamed group. The attack led to four vehicles being burned and, according to the claim of responsibility publishe...
Inside News
SOCCER
Improved Greece draws 0-0 at Hungary
Greece ended up goalless with Hungary in Budapest on Sunday, on manager Sergio Markarian’s debut on the national team’s bench, a result that has left Greece at the bottom of its Euro 2016 qu...
HANDBALL
Hooligans mar PAOK´s handball cup triumph
PAOK won its second Greek Cup in handball beating AEK 29-27 in Sunday’s final in Thessaloniki, but the clashes between AEK fans and the police as well as the exchange of lethal flares betwee...
Inside Sports
COMMENTARY
Let´s change the subject
Let’s talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. It’s better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece´s OPAP 2014 profit jumps on new games, cost cuts
2. Work on tram extension begins in Piraeus
3. Claim of responsibility for Athens police precinct attack
4. Flooding in Serres after river bursts its banks
5. European stock-index futures rise as investors look to Greece
6. ECB nerves fray on Greece as supervisors rile central bankers
more news
Today
This Week
1. ECB nerves fray on Greece as supervisors rile central bankers
2. Greek markets show all at risk should mistake trigger a default
3. European stock-index futures rise as investors look to Greece
4. Claim of responsibility for Athens police precinct attack
5. Flooding in Serres after river bursts its banks
6. Work on tram extension begins in Piraeus
Today
This Week
1. Next Monday is D-Day for state funds
2. PM faces Merkel amid race to detail reforms
3. Eurogroup unlikely to be held soon to discuss Greek reforms
4. Some more equal than others
5. Moscow expects progress from Tsipras visit
6. Greece to present reforms by Monday, says gov't spokesman [Update]
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.