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JUDGES TO INVESTIGATE HOW CYPRUS ENDED UP NEARLY BANKRUPT
April 2, 2013 - 15:17 AMT
PanARMENIAN.Net - Cyprus' president has appointed a panel of three
former supreme court judges to investigate how the country ended up
nearly bankrupt, The Associated Press reports.
President Nicos Anastasiades said Tuesday, April 2 that ordinary
citizens who are shouldering the burden of "actions and omissions"
by officials want to see those responsible punished.
Anastasiades urged the judges to kick off their probe by investigating
his family's business dealings amid an accusation in an opposition
newspaper that a company that is said to be co-owned by one of his
relatives took money out of Cyprus' now defunct second-largest lender,
Laiki, days before the country agreed to a 16 billion euros ($20.5
billion) international rescue.
Under the terms of the bailout with its euro area partners and the
International Monetary Fund, big depositors in Laiki are facing
big losses.
April 2, 2013 - 15:17 AMT
PanARMENIAN.Net - Cyprus' president has appointed a panel of three
former supreme court judges to investigate how the country ended up
nearly bankrupt, The Associated Press reports.
President Nicos Anastasiades said Tuesday, April 2 that ordinary
citizens who are shouldering the burden of "actions and omissions"
by officials want to see those responsible punished.
Anastasiades urged the judges to kick off their probe by investigating
his family's business dealings amid an accusation in an opposition
newspaper that a company that is said to be co-owned by one of his
relatives took money out of Cyprus' now defunct second-largest lender,
Laiki, days before the country agreed to a 16 billion euros ($20.5
billion) international rescue.
Under the terms of the bailout with its euro area partners and the
International Monetary Fund, big depositors in Laiki are facing
big losses.