The government remains committed to the full and swift investigation of all cases that may relate to the collapse of the Cypriot economy, Government Spokesman Nikos Christodoulides said in written statement, adding that the President of the Republic Nicos Anastasiades has given instructions for the investigating authorities to be fully assisted to fulfill their task.
Excluded from the international capital markets since May 2011, Cyprus agreed in March 2013 on a €10 billion bailout to cover its financing needs, and to avert the collapse of the banking sector severely hit by the haircut of the Greek sovereign debt and rising non-performing loans. However the bailout featured an unprecedented haircut of banking deposits over €100,000 to recapitalise the island`s largest lender, Bank of Cyprus, while Cyprus Popular Bank entered a liquidation process. President Anastasiades after his election in February 2013 pledged that the economic collapse will be fully investigated.
“For this reason the President has convened a meeting at the Presidential Palace to reaffirm both his personal interest and that of the government for a swift and effective conclusion of the investigations,” Christodoulides said, adding that “the government will provide the investigating authorities all additional support they may need irrespective of the cost.”
He also recalled that the Cabinet decided in November 2013, at the proposal of the Attorney General, to provide all funds necessary for the hiring of financial experts to assist the investigation into the collapse of the Cypriot economy and to determine whether any possible criminal offences have been committed.
