Following the extra ordinary decision to bail in the unsecured depositors and restructure the two main banks and the near complete destruction of the country’s economic business model as an International Financial Centre, the author considers the changes necessary to rebuild the economy of...

Following the extra ordinary decision to bail in the unsecured depositors and restructure the two main banks and the near complete destruction of the country's economic business model as an International Financial Centre, the author considers the changes necessary to rebuild the economy of...

The article discusses the enormous private debt in Cyprus and how it impacts the conditions for economic recovery. It stresses the need more drastic and decisive action from the Government including the participation of international multilateral financiers in reconstructing and funding viable...

Private sector indebtedness in Cyprus remains extremely high. Yet the Government and the banks in Cyprus continue to define the problem as being the non-performing loans (NPLs) and the proposed solution as being any tools and legislation which will improve repayment but also enable the banks to...

The paper draws on previous research on the role of Multilateral Development Banks (MDBs), Regional Development Banks (RDBs) and National Development Banks (NDBs). It examines the role of the Cyprus Development Bank (CDB), prior its privatisation in 2008, in the economic development of the...

Following the severe financial crisis of 2012/2013 and the subsequent contraction of the Cyprus economy, the authors consider the policies and institutional changes required to regenerate economic growth. It is argued that the crisis emanated largely from the wasteful use of investable funds...

The Government has facilitated and protected the banks on a stand and motto that “without banks there is no economy”. However, eight years after the financial crisis that culminated to the infamous Bail-In in Cyprus the country remains heavily indebted with private debt exceeding by at least...

The author has written two articles on the subject of “the Deal” sought and negotiated by the Government for privatising the ailing Co-Op Bank in Cyprus. In this paper he continues with “Socialising the losses and privatising the gains - Part 3” which provides an alternative proposal...