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What Happened in Cyprus? The Economic Consequences of the Last Communist Government in Europe

In: THE CYPRUS BAIL-IN POLICY LESSONS FROM THE CYPRUS ECONOMIC CRISIS

Author

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  • Athanasios Orphanides

Abstract

The following sections are included:IntroductionWhat Made Cyprus Unique?The Spending SpreeWarnings IgnoredLosing Market AccessThe Explosive SummerThe State of the BanksCrisis Intensification and a Loan from RussiaCollateral Eligibility as the Sword of DamoclesAssault on the BanksThe HaircutConcluding RemarksReferences

Suggested Citation

  • Athanasios Orphanides, 2016. "What Happened in Cyprus? The Economic Consequences of the Last Communist Government in Europe," World Scientific Book Chapters, in: Alexander Michaelides & Athanasios Orphanides (ed.), THE CYPRUS BAIL-IN POLICY LESSONS FROM THE CYPRUS ECONOMIC CRISIS, chapter 5, pages 163-207, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781783268764_0005
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    References listed on IDEAS

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    1. International Monetary Fund, 2013. "Cyprus: Second Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria," IMF Staff Country Reports 2013/374, International Monetary Fund.
    2. International Monetary Fund, 2013. "Cyprus: Request for an Arrangement Under the Extended Fund Facility," IMF Staff Country Reports 2013/125, International Monetary Fund.
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    Cited by:

    1. Wieland, Volker & Wolters, Maik, 2014. "Is there a threat of self-reinforcing deflation in the euro area? A view through the lens of the Phillips curve," Kiel Policy Brief 79, Kiel Institute for the World Economy (IfW Kiel).
    2. Nick O'Donovan, 2021. "One‐off wealth taxes: theory and evidence," Fiscal Studies, John Wiley & Sons, vol. 42(3-4), pages 565-597, September.
    3. John B. Taylor & Volker Wieland, 2016. "Finding the Equilibrium Real Interest Rate in a Fog of Policy Deviations," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 51(3), pages 147-154, July.
    4. Terzi, Alessio, 2020. "Macroeconomic adjustment in the euro area," European Economic Review, Elsevier, vol. 128(C).
    5. Alessio Terzi, 2019. "The Euro Crisis and Economic Growth: A Novel Counterfactual Approach," CESifo Working Paper Series 7746, CESifo.
    6. Júlia Király, 2020. "Hungary and Other Emerging EU Countries in the Financial Storm," Financial and Monetary Policy Studies, Springer, number 978-3-030-49544-2, June.
    7. Orphanides, Athanasios, 2014. "Are rules and boundaries sufficient to limit harmful central bank discretion? Lessons from Europe," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 121-125.
    8. Donato Masciandaro, 2016. "Banking Supervision Outsourcing: Economics, Rules and Drivers," BAFFI CAREFIN Working Papers 1616, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    9. Gikas A. Hardouvelis & Ioannis Gkionis, 2016. "A Decade Long Economic Crisis: Cyprus versus Greece," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 10(2), pages 3-40, December.
    10. Nikolaos Papanikolaou, 2018. "Geopolitical Implications of an Economical Force Affected by the Eurozone Crisis: The Case of Cyprus," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(3), pages 92-97.
    11. Andreou, Panayiotis C. & Anyfantaki, Sofia, 2021. "Financial literacy and its influence on internet banking behavior," European Management Journal, Elsevier, vol. 39(5), pages 658-674.
    12. repec:ers:journl:v:vi:y:2018:i:3:p:92-97 is not listed on IDEAS
    13. Michalis-Panayiotis Papafilis & Maria Psillaki & Dimitris Margaritis, 2019. "The Effect of the PSI in the Relationship Between Sovereign and Bank Credit Risk: Evidence from the Euro Area," Multinational Finance Journal, Multinational Finance Journal, vol. 23(3-4), pages 211-272, September.
    14. Athanasios Orphanides, 2014. "The Euro Area Crisis: Politics over Economics," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(3), pages 243-263, September.
    15. Donato Masciandaro & Davide Romelli, 2017. "Banking Supervision and External Autditors: What works best?," BAFFI CAREFIN Working Papers 1746, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    16. George Christou & George Kyris, 2017. "The Impact of the Eurozone Crisis on National Foreign Policy: Enhancing Europeanization in the Case of Cyprus-super-," Journal of Common Market Studies, Wiley Blackwell, vol. 55(6), pages 1290-1305, November.

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    More about this item

    Keywords

    Cyprus Crisis; Bail-in; Stress Tests; Sovereign Debt Crisis; Banking Crisis; Euro; Emergency Liquidity Assistance;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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