Tuesday September 30, 2014 Search
Weather | Athens
26o C
17o 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)  
EU gives more aid to farmers hurt by Russia sanctions
Greeks ruled ship market in August
Nine properties to be auctioned next week
Retail price of milk has dropped by 5-10 pct
Commissioner-designate Avramopoulos to face three-hour interview on EU´s migration portfolio
Greek Defense Minister Dimitris Avramopoulos, the EU commissioner-designate for migration and home affairs, will be heard by the European Parliament's Civil Liberties, Justice and Home Affai...
Roma camp off Mesogeion Avenue set for demolition amid reactions
A Roma encampment that has stood just off Mesogeion Avenue behind the present-day Nomismatokopio metro station for the best part of 40 years is set for demolition on Tuesday, with residents ...
Inside News
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
SOCCER
Karamanos punishes Michel for deeming him surplus
Atromitos forced Olympiakos’s first loss this season in all competitions on Saturday to allow PAOK to go alone on top of the Super League table on Sunday. Odds-on title favorite Olympiakos l...
Inside Sports
COMMENTARY
Next-day jitters
It is usual for Greek governments, whether one-party or coalitions (which are normally loath to actually work together), to claim that their only real challenge is dealing with the country’s...
EDITORIAL
No sweet debt deals
The lion’s share of Greece’s debt is held by European Union member states and the International Monetary Fund. A writedown of the European part of the debt would require the approval of the ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. EU gives more aid to farmers hurt by Russia sanctions
2. Commissioner-designate Avramopoulos to face three-hour interview on EU´s migration portfolio
3. Roma camp off Mesogeion Avenue set for demolition amid reactions
4. Greeks ruled ship market in August
5. Nine properties to be auctioned next week
6. Retail price of milk has dropped by 5-10 pct
more news
Today
This Week
1. Roma camp off Mesogeion Avenue set for demolition amid reactions
2. Next-day jitters
3. No sweet debt deals
4. Commissioner-designate Avramopoulos to face three-hour interview on EU's migration portfolio
5. EU gives more aid to farmers hurt by Russia sanctions
6. The shocking thought of euro-dollar parity
Today
This Week
1. Alexander the Great's tomb not at Amphipolis, says Culture Minister
2. Greece may opt for unusual president to avoid snap polls, Venizelos says
3. Woman allegedly buried alive by accident in northern Greece
4. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
5. Venizelos denies jihadis are being trained in Greece
6. Should you bet with Kissinger on where the world is heading?
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.