Wednesday Jul 30, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Nicosia appoints Demetriades as central bank governor

Cyprus named Panicos Demetriades as its central bank governor, an economist who called for Germany to ditch the euro.

Demetriades will succeed Athanasios Orphanides as head of the Central Bank of Cyprus on May 3, government spokesman Stefanos Stefanou told reporters in Nicosia on Saturday. Because Cyprus is part of the 17-nation euro area, Demetriades will join the European Central Bank’s Governing Council for his five-year term and help set interest rates for the region.

Demetriades inherits an economy in turmoil, with banks reeling from losses on their exposure to Greece and the government unable to borrow on financial markets. Orphanides, a policy maker with 17 years’ experience at the US Federal Reserve, failed to win a second term in office after clashing with the island’s government over fiscal policy and slow pace of economic reforms.

Cyprus, the euro area’s third-smallest economy, needs “serious reforms to improve competitiveness, to improve the functioning of markets, and we have not dealt at all with these key issues,” said Zenon Kontolemis, a former International Monetary Fund economist who now teaches at the University of Cyprus. “We also need reforms of the public sector and of institutions.”

The island’s economy will shrink 0.5 percent this year, according to the ministry of finance. The government on December 23 signed a 2.5 billion euros loan agreement with Russia to finance its 2012 fiscal deficit and maturing debt. The government has also called on the ECB to start buying its sovereign bonds.

Demetriades may not find support among European policy makers for his view that Germany should exit the euro to help peripheral nations regain competitiveness.

“Without Germany in the eurozone, the euro would quickly depreciate to a level that would help reinstate the competitiveness of the periphery,” Demetriades wrote in a letter to the Financial Times published on May 11 last year. Germany’s exit would be preferable to imposing austerity on struggling nations or allowing them to depart, he said.

Demetriades, 53, has a PhD in economics from Cambridge University. He began his career at the Central Bank of Cyprus in 1985 and in 1999 worked in the office of then World Bank Chief Economist Joseph Stiglitz, according his curriculum vitae. Demetriades has been professor of financial economics at the University of Leicester since 2000.

“We wish Panicos Demetriades success in the difficult task he assumes,” Stefanou said.

[Bloomberg]

ekathimerini.com , Saturday April 28, 2012 (19:32)  
Six firms submit bids to lease Vouliagmeni beach
IMF´s Lagarde not sure yet about debt relief for Greece
Deals reached for twin plot on Afandou, for 42 million
More delays and red tape for companies’ tax rebates
Greek foremen avoid jail after firing on migrant laborers [Update]
A Greek fruit exporter and three foremen arrested last year over a shooting attack against migrant labourers avoided jail or were acquitted altogether on Wednesday, a judicial source said. T...
Wine cup used by Pericles found in grave north of Athens
A cup believed to have been used by Classical Greek statesman Pericles has been found in a pauper's grave in north Athens, according to local reports Wednesday. The ceramic wine cup, smashed...
Inside News
VOLLEYBALL
Volleyball national team second in European League
Much as the national volleyball team tried to repeat in the finals of the European League the feat it had achieved in the semifinals, it failed to overturn the advantage Montenegro had got f...
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. “I l...
Inside Sports
EDITORIAL
Populism eating up education
The fact that the issue of education is not topping the list of priorities for the current coalition government, but instead, has been left in the hands of incapable politicians is utterly i...
COMMENTARY
A valued but mistreated professional
I did not know much on a personal level about Dimitris Stefanou, Greece’s former administrative reform general secretary who died earlier this week at the age of 46. I did, however, have a s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek foremen avoid jail after firing on migrant laborers [Update]
2. Wine cup used by Pericles found in grave north of Athens
3. SYRIZA, DIMAR representatives to hold talks Thursday
4. Two of four suspects in Nea Manolada strawberry farm shooting convicted
5. Six firms submit bids to lease Vouliagmeni beach
6. IMF´s Lagarde not sure yet about debt relief for Greece
more news
Today
This Week
1. IMF's Lagarde not sure yet about debt relief for Greece
2. Six firms submit bids to lease Vouliagmeni beach
3. Coalition submits new proposals for Greek coastline
4. EU Commissioner Damanaki unlikely to return to Greek politics
5. Police arrest one, seek another three over counterfeit goods
6. Two of four suspects in Nea Manolada strawberry farm shooting convicted
Today
This Week
1. Unequal after death
2. Greek sovereign debt at 174.1 percent of GDP in first quarter
3. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
4. Quadriplegic woman on life support 'dies due to unpaid power bills'
5. Front-line threats
6. Defense Minister Avramopoulos to represent Greece at European Commission
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.