THE FORMER chief executive officer of the Bank of Cyprus Andreas Eliades – the man considered responsible for the destruction of the bank – decided to give his views about the crisis for the first time last Tuesday.
He issued a long-winded announcement with the aim, he wrote, of giving a picture of the absolute truth. It was titled ‘Truths and lies’. I am in no position to say how many truths were contained in his announcement, but I think that some of the things he wrote were blatant lies. I will restrict myself to one issue, the infamous sale and subsequent re-purchase of Greek government bonds that left the Bank of Cyprus with losses in the region of €2 billion.Read More