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PRESIDENT NICOS Anastasiades has written a letter to European Central Bank (ECB) President Mario Draghi allegedly listing the shortcomings of Cyprus’ Central Bank Governor Panicos Demetriades, it was reported yesterday. In the initial letter, which was also sent to House President Yiannakis Omirou, Draghi reminded both men that a central bank governor could only be dismissed on grounds specified by EU law, adding that any dismissal would be subject to review by the EU’s Court of Justice. Speaking on Sunday, Anastasiades said he planned to inform Draghi about some incidents which he hoped would be taken to heart, hinting that had there been the proper supervision by European institutions, Cyprus wouldn’t be in the position it’s in now. ... 5 comments
PRESIDENT of the European Central Bank (ECB) Mario Draghi has sent a letter to the Cypriot leadership regarding recent efforts to remove Cyprus’ Central Bank Governor Panicos Demetriades from office. The letter was sent to President Nicos Anastasiades and House President Yiannakis Omirou on Wednesday regarding recent reports of discussions in the Cypriot parliament suggesting a procedure for the dismissal of Demetriades might be initiated. The ECB head reminds in his letter of the independence of EU central banks, noting that governors can only be dismissed on grounds specified by EU law. ... 9 comments
THE EUROPEAN Central Bank yesterday put the blame for initial market turmoil over Cyprus' bailout squarely on the government, and pledged that taxing depositors would not become normal procedure.ECB President Mario Draghi said Cyprus' bailout was “no template”, a statement designed to ease market fears that bank deposits would in future be fair game for international lenders seeking to help struggling eurozone countries... 19 comments