Bank system at risk during Cypriot crisis, says Stournaras

Finance Minister Yannis Stournaras admitted on Wednesday in Parliament that the Greek banking system was at serious risk during the crisis in the Cypriot credit sector last month.

“Had Greek account-holders’deposits at Cypriot lenders in Greece been subjected to a haircut, no one knows what could have come next.

“Thankfully there was a happy ending to that,» he said.

“We acted according to an organized plan so as to immediately resolve the problem with the branches of Cypriot banks in Greece,» Stournaras added.