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The 2013 Cypriot banking crisis and blame attribution: survey evidence from the first application of a bail-in in the Eurozone

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  • Poullikka, Agni

Abstract

The policy responses to the Eurozone crisis were mainly driven by taxpayer funded bailouts and austerity packages, with the exception of Cyprus where a bail-out was supplemented with a bank bail-in for the first time in the Eurozone. This paper examines how voters assign blame for the 2013 Cypriot banking crisis. The results of an original public opinion survey that was conducted in Cyprus show that neither the incumbent government at the time of the bail-in nor the previous one are assigned primary responsibility. Instead, blame is dispersed towards two non-elected actors; the national central bank and the banking sector. The findings carry implications for democratic accountability at the domestic and European Union level.

Suggested Citation

  • Poullikka, Agni, 2024. "The 2013 Cypriot banking crisis and blame attribution: survey evidence from the first application of a bail-in in the Eurozone," LSE Research Online Documents on Economics 121228, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:121228
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    File URL: http://eprints.lse.ac.uk/121228/
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    References listed on IDEAS

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    1. Fred Cutler, 2004. "Government Responsibility and Electoral Accountability in Federations," Publius: The Journal of Federalism, CSF Associates Inc., vol. 34(2), pages 19-38, Spring.
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    4. Marsh, Michael & Tilley, James, 2010. "The Attribution of Credit and Blame to Governments and Its Impact on Vote Choice," British Journal of Political Science, Cambridge University Press, vol. 40(1), pages 115-134, January.
    5. Georgios Karyotis & Wolfgang Rüdig, 2015. "Blame and Punishment? The Electoral Politics of Extreme Austerity in Greece," Political Studies, Political Studies Association, vol. 63(1), pages 2-24, March.
    6. Georgios Karyotis & Wolfgang Rüdig, 2015. "Blame and Punishment? The Electoral Politics of Extreme Austerity in Greece," Political Studies, Political Studies Association, vol. 63(1), pages 1-1, March.
    7. Spyros Kosmidis, 2018. "International Constraints and Electoral Decisions: Does the Room to Maneuver Attenuate Economic Voting?," American Journal of Political Science, John Wiley & Sons, vol. 62(3), pages 519-534, July.
    8. Cherie D. Maestas & Lonna Rae Atkeson & Thomas Croom & Lisa A. Bryant, 2008. "Shifting the Blame: Federalism, Media, and Public Assignment of Blame Following Hurricane Katrina," Publius: The Journal of Federalism, CSF Associates Inc., vol. 38(4), pages 609-632, Fall.
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    10. Giorgos Charalambous & Bambos Papageorgiou & Adonis Pegasiou, 2015. "Surprising Elections in Exciting Times? Of Proxies and Second-Order Events in the 2014 European Election in Cyprus," South European Society and Politics, Taylor & Francis Journals, vol. 20(3), pages 403-424, July.
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    Cited by:

    1. Mamatzakis, Emmanuel C., 2024. "High Greek bank net interest margins, recapitalisations and competition," LSE Research Online Documents on Economics 124476, London School of Economics and Political Science, LSE Library.
    2. Emmanuel C Mamatzakis, 2024. "High Greek Bank Net Interest Margins, Recapitalisations and Competition," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 199, Hellenic Observatory, LSE.
    3. Spyros Economides, 2024. "Konstantinos Karamanlis and Leadership in Foreign Policy," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 195, Hellenic Observatory, LSE.

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    More about this item

    Keywords

    European union; Eurozone crisis; Cyprus; small states; public opinion;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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