A Diary of the Euro Crisis in Cyprus: Lessons for Bank Recovery and Resolution

A Diary of the Euro Crisis in Cyprus: Lessons for Bank Recovery and Resolution

by Panicos Demetriades

Hardcover(1st ed. 2017)

Use Standard Shipping. For guaranteed delivery by December 24, use Express or Expedited Shipping.

Product Details

ISBN-13: 9783319622224
Publisher: Springer International Publishing
Publication date: 10/13/2017
Edition description: 1st ed. 2017
Pages: 215
Product dimensions: 6.10(w) x 9.25(h) x (d)

About the Author

Panicos Demetriades served as Governor of the Central Bank of Cyprus and was a member of the Governing Council of the European Central Bank from May 2012 until stepping down from the governorship in Cyprus in April 2014, a move that The Economist described as ‘a blow to central bank independence’. He returned to his academic position in the UK as Professor of Financial Economics at the University of Leicester shortly after. Professor Demetriades continues to speak regularly around the world on his experience as Governor of the Central Bank of Cyprus during one of Europe’s worst financial crises. He holds a PhD in Economics from the University of Cambridge, UK, and BA and MA degrees, also in Economics, from the University of Essex, UK. His academic career spans a period of 25 years, the last 15 of which have been with the University of Leicester. He has published extensively in academic journals and books, primarily in the area of financial development. According to RePec (Research Papers in Economics) he is among the most widely read economics authors in the world. He has also published in ‘popular’ and specialist media, such as VOX-EU and The Financial Times. He is frequently a guest on TV and radio programmes worldwide in relation to the euro crisis, Brexit and other economic issues. Professor Demetriades is a Fellow of the Academy of Social Sciences of the United Kingdom.

Table of Contents

1. Baptism of fire

2. Entering a war zone

3. A secret lunch

4. Buying time

5. “Two” big to fail

6. Too big to save?

7. A Russian playground

8. A bank run and a tearf

ul agreement

9. The euro at breaking point

10. Illusions

11. Taxing the poor (to protect the rich)

12. Heading towards the abyss

13. “Take it or leave it”

14. Resolution and capital controls

15. Toxic fallout

16. The final act

17. The key ingredie

nts of the crisis

18. Lessons for Europe and beyond

What People are Saying About This

From the Publisher

“Cyprus is a small country with a big story: its 2013 banking crisis constituted a major episode in the larger Eurozone crisis. As central bank governor, Panicos Demetriades was at the epicentre of events. He tells the story of the crisis and political constraints on its resolution with verve and drama. Essential reading for crisis mavens.” (Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, USA)

“The banking crisis that erupted in Cyprus in 2013 shook the Eurozone and led to a drama with many ramifications. As the Governor of the Central Bank of Cyprus, Panicos Demetriades was both an actor and an observer of the unfolding drama. Nobody is better placed to tell us the gripping story of the Cypriot banking crisis.” (Paul De-Grauwe, Professor, European Institute, London School of Economics, UK)

“A fascinating book—very well written and full of unique insights. It reads like an economic thriller.” (Peter Bofinger, Professor of Economics, Money and International Economic Relations, University of Würzburg, Germany, and Member of the German Council of Economic Experts)

“We have Greece to thank for bail-outs, but Cyprus to thank for bail-ins. Demetriades weaves together history, politics, economics and finance to explain how his country was plunged into crisis and how he tried to help steer it back out. It is the story of a tiny island, but also of the dawn of banking union in the Eurozone. A must read for anyone who has an interest in where Europe goes from here.” (Megan Greene, Managing Director and Chief Economist, Manulife Asset Management)

“The Cyprus banking crisis shook the country and was a major after-shock in the Eurozone crisis. The story of its crisis management as an interplay of politics and economics needs to be told. As the former Governor's account, this book is at the same time a most intense political thriller and an insightful economic analysis.” (Olli Rehn, former European Commissioner for Economic and Monetary Affairs, 2010-14)

“This book should be on every reading list to train future generations of monetary economists and Central Bankers. It is also a ‘must read’ for anyone interested in the euro-crisis of 2012-13 particularly, and in European recent political history more broadly. But beyond all that, it is a vivid and dramatic story.” (Charles A.E. Goodhart, CBE, FBA, Emeritus Professor of Banking and Finance, London School of Economics)

Customer Reviews

Most Helpful Customer Reviews

See All Customer Reviews

A Diary of the Euro Crisis in Cyprus: Lessons for Bank Recovery and Resolution 5 out of 5 based on 0 ratings. 2 reviews.
sara jabeen More than 1 year ago
I found the book very interesting, easy to read and easy to understand for a person like me with no finance background. The more I read this book, the more I understand and the more I enjoy. I, personally’ appreciate the way Dr Panicos described all the events like a story and how it was a tough decision to ‘bail in’ in Cyprus financial crises. The geographical and historical background of Cyprus and a required detail of Cyprus diplomatic relations with Greece and Russia help a lot to understand the causes of financial crises and I really learned from this book. I highly recommend this non-technical book to read, specifically to economics and finance students.
JTKim7 More than 1 year ago
This is an interesting book. I love it. flowing narrative. very gripping story. A great first hand insight of the euro crisis, with an incredible integrated analysis. I learned a lot reading it without having to be a finance expert!