Friday February 27, 2015 Search
Weather | Athens
11o C
6o 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 to auction 875 mln euros of 6-month T-bills on March 4
Greece runs out of funding options despite eurozone reprieve
Next Greek aid deal will emerge in coming months, Moscovici says
Greek Finance Minister Varoufakis says EU deal a ´fig leaf´
Gov´t official: bill reinstating ERT, rehiring staff to go to Parlt on March 5
Draft legislation foreseeing the reinstatement of former state broadcaster ERT, which was abruptly closed down in June 2013 by the previous conservative-led administration, will be submitted...
Gov´t adviser suggests Greek MPs could vote on deal in separate bills
Even as other eurozone parliaments, including Germany's, held votes on an agreement between Greece and its creditors to extend the country's loan agreement, a senior adviser to Prime Ministe...
Inside News
SOCCER
Ten-man Olympiakos couldn´t overcome Dnipro
Olympiakos drew 2-2 with Dnipro from Ukraine at home on Thursday, playing almost the entire second half with a man down, to bow out of the Europa League, despite facing an opponent which on ...
BASKETBALL
Greens lose at Maccabi but preserve head-to-head advantage
Panathinaikos suffered its third loss in eight games at the second stage of the Euroleague going down 73-70 at Maccabi Tel Aviv on Thursday, but has preserved its better head-to-head record ...
Inside Sports
COMMENTARY
A breath of opportunity
We are still living in the Greece we know: The government is struggling to explain its retreat in the face of our creditors, the opposition (including dissidents in SYRIZA) smells blood, we ...
EDITORIAL
Give the green light
Foreign investment is a crucial component of economic recovery and Greece needs to start bringing it in fast. Instead, the government, like others before it, is scaring it off in a bid to sa...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece to auction 875 mln euros of 6-month T-bills on March 4
2. Greece runs out of funding options despite eurozone reprieve
3. Next Greek aid deal will emerge in coming months, Moscovici says
4. Greek Finance Minister Varoufakis says EU deal a ´fig leaf´
5. Greek economy shrinks 0.4 percent q/q in last quarter of 2014
6. Gov´t official: bill reinstating ERT, rehiring staff to go to Parlt on March 5
more news
Today
This Week
1. Tsipras reversal draws Greek sympathy as party rumblings rise
2. German MPs begin debate on extending Greek bailout program
3. German lawmakers approve extension of bailout program for Greece
4. Restive Bundestag to approve Greek bailout extension
5. Gov't adviser suggests Greek MPs could vote on deal in separate bills
6. Prosecutor orders probe into claims of abuse at Amygdaleza migrant facility
Today
This Week
1. Greece prepares extension request for eurozone approval
2. Time for Alexis Tsipras to keep his nerve
3. Stubborn but not almighty
4. Greek bailout deal faces review by euro officials next week
5. Greece says eurozone deal won time as cash bled from banks
6. The ignorance of the West about the culture of Islam
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.