Book written by Leicester academic evaluating the Euro Crisis in Cyprus released

A new book entitled ‘A Diary of the Euro Crisis in Cyprus: lessons for Bank Recovery and Resolution’, written by former Governor of the Central Bank of Cyprus Professor Panicos Demetriades from our School of Business, has been published by Palgrave-Macmillan.

Professor 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.

The book tells the story of how, in March 2013, Cyprus came close to becoming the first country to leave the Euro and the European Union.

Professor Demetriades said: “It is a story in which history, finance, law and politics combine to create an unprecedented existential crisis for the euro.  A story of two banks which, thanks to the influx of Russian money, became too big to fail, too big to save and too big to regulate. A story in which the euro was saved from unraveling through a last minute agreement, largely dictated by Germany and the IMF, which involved imposing heavy losses on uninsured depositors, many of whom were Russian and Ukrainian oligarchs.

“The book sheds new light on political and economic controversies surrounding the future of the Euro and the European Union.”

The book has received a great deal of critical praise. Barry Eichengreen from the University of California, Berkeley has said that the book “tells the story of the crisis and political constraints on its resolution with verve and drama”, describing it as “essential reading for crisis mavens”.

Paul De Grauwe, from the London School of Economics, said: “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.”

The book is available to purchase as an Ebook or Hardback here: http://www.palgrave.com/gb/book/9783319622224

A recent article written by Professor Demetriades for Public Finance International is available on our Think: Leicester platform here