Written in chronological order, and broadly based on the author’s personal diary, starting from his first day in office, this volume brings together economics, banking, regulation, governance, history, politics and international relations.
Presenting personal witness statements, including records of noteworthy telephone conversations, informal meetings and other milestones, it examines crucial questions like: How did Cyprus become so systemically important to the rest of the euro area? Why was Cyprus treated so differently in comparison to other peripheral countries in Europe? Why were bank depositors targeted? What role did Cyprus’ links with Russia play in the design of the programme? What has been the toxic fallout from the bail-in? Are there any longer-term implications for the euro? What are the lessons for regulators around the world?
The book will appeal to readers interested in financial crises, the euro’s architecture, the evolution of the European Monetary Union, and those with an interest in how Europe and the IMF dealt with crises in peripheral European countries.
|Publisher:||Springer International Publishing|
|Edition description:||1st ed. 2017|
|Product dimensions:||6.10(w) x 9.25(h) x (d)|
About the Author
Table of Contents1. Baptism of fire
2. Entering a war zone3. A secret lunch
4. Buying time5. “Two” big to fail
6. Too big to save?7. A Russian playground
8. A bank run and a tearful agreement 9. The euro at breaking point
10. Illusions11. Taxing the poor (to protect the rich)
12. Heading towards the abyss13. “Take it or leave it”
14. Resolution and capital controls15. Toxic fallout
16. The final act
17. The key ingredients of the crisis
18. Lessons for Europe and beyond
What People are Saying About This
“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 fivery 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)