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Demetriades Recalls Cyprus Crisis

Demetriades Recalls Cyprus Crisis

In an article published this week, the former Governor of the Central Bank of Cyprus, Panicos Demetriades, compared the policy of UK Prime Minister Theresa May regarding preparations for the possibility of a no-deal Brexit to what happened in Cyprus in 2013.

“The notion of a no-deal Brexit resembles the thinking of those politicians who, in March 2013, argued that Cyprus should reject the Eurogroup’s bailout offer – because they thought the conditions involved were unfair – and prepare to abandon the euro, and consequently the EU, Demetriades writes. He goes on to recall how Cypriot politicians argued that, ‘If we show our readiness to turn down their offer, the Eurogroup will come to its senses and will then offer us a better deal, as they wouldn’t want to face a disorderly unravelling of the euro.’

“In March 2013, Cyprus’ political leaders realised – just before time was about to run out – that it was much safer taking what was on the table than engaging in a game of chicken where they had much more at stake than the other side,” Demetriades writes, adding that, “Four years later, the government is taking the credit for a recovery aided by an EU-IMF bailout, all the while criticising Europe for its treatment of Cyprus during those negotiations.”

 

Panicos Demetriades’ book, A Diary of the Euro Crisis in Cyprus: Lessons for Bank Recovery and Resolution, is published on October 17.

 

For the full text of his article, go to https://theconversation.com/why-a-no-deal-brexit-doesnt-even-bear-thinking-about-let-alone-planning-for-85545

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