A Diary of the Euro Crisis in Cyprus

Lessons for Bank Recovery and Resolution

  • Panicos Demetriades

Table of contents

  1. Front Matter
    Pages i-xviii
  2. Panicos Demetriades
    Pages 1-10
  3. Panicos Demetriades
    Pages 11-29
  4. Panicos Demetriades
    Pages 31-39
  5. Panicos Demetriades
    Pages 41-49
  6. Panicos Demetriades
    Pages 51-61
  7. Panicos Demetriades
    Pages 63-67
  8. Panicos Demetriades
    Pages 69-74
  9. Panicos Demetriades
    Pages 75-79
  10. Panicos Demetriades
    Pages 81-87
  11. Panicos Demetriades
    Pages 89-93
  12. Panicos Demetriades
    Pages 95-105
  13. Panicos Demetriades
    Pages 107-119
  14. Panicos Demetriades
    Pages 121-127
  15. Panicos Demetriades
    Pages 129-146
  16. Panicos Demetriades
    Pages 147-164
  17. Panicos Demetriades
    Pages 165-177
  18. Panicos Demetriades
    Pages 179-194
  19. Panicos Demetriades
    Pages 195-206
  20. Back Matter
    Pages 207-215

About this book


This book tells the story of the euro crisis in Cyprus from the inside. Written by the former Governor of the Central Bank of Cyprus, Panicos Demetriades, who was in office during this turbulent period, this book shows how the crisis unravelled through a series of key events that occurred during his tenure.

Written in chronological order, and broadly based on the author’s personal diary, starting from his first day in office, this volume brings together economics, banking, regulation, governance, history, politics and international relations.

Presenting personal witness statements, including records of noteworthy telephone conversations, informal meetings and other milestones, it examines crucial questions like: How did Cyprus become so systemically important to the rest of the euro area? Why was Cyprus treated so differently in comparison to other peripheral countries in Europe? Why were bank depositors targeted? What role did Cyprus’ links with Russia play in the design of the programme? What has been the toxic fallout from the bail-in? Are there any longer-term implications for the euro?  What are the lessons for regulators around the world?

The book will appeal to readers interested in financial crises, the euro’s architecture, the evolution of the European Monetary Union, and those with an interest in how Europe and the IMF dealt with crises in peripheral European countries.


Eurozone crisis Financial crisis Greece Russia Bank of Cyprus Bailout Banking European Central Bank ECB Bank deposits European financial architecture

Authors and affiliations

  • Panicos Demetriades
    • 1
  1. 1.University of LeicesterLeicesterUnited Kingdom

Bibliographic information

  • DOI
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2017
  • Publisher Name Palgrave Macmillan, Cham
  • eBook Packages Economics and Finance
  • Print ISBN 978-3-319-62222-4
  • Online ISBN 978-3-319-62223-1
  • Buy this book on publisher's site