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The right moves

The way in which the Greek government has responded to the crisis in Cyprus was correct.

While Greece had to show its support for the island republic, it was also obliged to safeguard the stability of its own financial and banking system.

The latter was achieved through local banking authorities agreeing on a deal for the takeover of the Greek branches of Bank of Cyprus and Cyprus Popular Bank.

The move is expected to aid local banks in terms of shielding themselves from the Cypriot crisis and at the same time will allow Cyprus to reduce its embattled banking sector.

Those criticizing the stance of the Greek government seem to ignore the dangers that the country would face in the eventuality of Cypriot lenders defaulting in a disorderly manner, not to mention its primary target, which is for Greece’s debt not to increase in the slightest.

ekathimerini.com , Friday March 22, 2013 (23:06)  
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