Saturday April 25, 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)  
Construction material costs slide anew
Navios taps German shipping opportunities
Gov’t eyes state company reserves
Thessaly stores likely to remain closed on first Sunday of spring sales
Tsipras to see local officials as decree dispute heats up
Prime Minister Alexis Tsipras is due to meet regional governors and mayors in Athens on Saturday in an attempt to defuse a political row that has erupted as a result of the government’s deci...
Kotzias talks Cyprus at UN
Foreign Minister Nikos Kotzias informed United Nations Secretary-General Ban-Ki moon on Friday about his positions regarding the removal of Greek and Turkish troops from Cyprus as part of th...
Inside News
TRACK & FIELD
Grabbing the shoes that have gone a long way
Greek Marathon legend Maria Polyzou is calling on everyone to join her in her charity run at the Dusseldorf Marathon on Sunday, April 26, by bidding for her special shoes she will race in an...
BASKETBALL
Printezis sends Olympiakos to the Final Four
A buzzer-beating three-pointer by Giorgos Printezis saw Olympiakos through to the Final Four of the Euroleague, as the Reds defeated Barcelona 71-68 on Thursday to claim the best-of-five qua...
Inside Sports
COMMENTARY
Something is changing on Cyprus
The first round of elections for the leader of the Turkish Cypriots last Sunday did not result in a winner but it showed that many voters support change – change on the political scene and e...
EDITORIAL
Harmful talk
Early elections would not serve any purpose for Greece right now, and neither do threats that the government will collapse. It has become abundantly clear that the only solution lies in the ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Tsipras to see local officials as decree dispute heats up
2. Kotzias talks Cyprus at UN
3. Construction material costs slide anew
4. Navios taps German shipping opportunities
5. Gov’t eyes state company reserves
6. Thessaly stores likely to remain closed on first Sunday of spring sales
more news
Today
This Week
1. Greece offers concessions in talks with creditors
2. EU frustration mounts as Greeks try to sidestep aid process
3. FinMin sources say gov't 'not bluffing' in opposing austerity
4. Varoufakis said to be called gambler, time-waster in meeting
5. Merkel: must prevent Greece running out of cash before deal
6. Eurogroup chief says great urgency to reach deal on Greece
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greek government's popularity takes a hit as talks drag on
3. Putting off payments led to Q1 budget primary surplus
4. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
5. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
6. Europe's collision course with Greece
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.