A Diary of the Euro Crisis in Cyprus

A Diary of the Euro Crisis in Cyprus

Author: Panicos Demetriades

Publisher: Springer

Published: 2017-10-14

Total Pages: 217

ISBN-13: 3319622234

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This book tells the story of the euro crisis in Cyprus from the inside. Written by the former Governor of the Central Bank of Cyprus, Panicos Demetriades, who was in office during this turbulent period, this book shows how the crisis unravelled through a series of key events that occurred during his tenure. 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.


Cyprus Bail-in, The: Policy Lessons From The Cyprus Economic Crisis

Cyprus Bail-in, The: Policy Lessons From The Cyprus Economic Crisis

Author: Alexander Michaelides

Publisher: World Scientific

Published: 2016-02-29

Total Pages: 365

ISBN-13: 1783268778

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On June 28th 2012, the small island of Cyprus became the fifth government to request an economic bail-out from the Eurozone after losing access to international capital markets. Less than a year later, a €10 billion second rescue deal was agreed upon — an unprecedented agreement that bailed in creditors of Cyprus' two largest banks, and triggered an economic crisis that the nation still struggles to recover from today.This resourceful collection of essays provides a thorough and in depth analysis of how Cyprus reached the point of failure and what lessons this experience holds for future economic crises. The various perspectives collectively address unanswered questions, including whether the bail-in can be considered successful, why the recession was less severe than expected, and what conclusions can be drawn about stress-testing exercises across borders.Focusing on one of the (proportionately) largest crises in financial history, the case study will prove essential to policy-makers and politicians, especially in the euro area.


Keeping the Peace in the Cyprus Crisis of 1963–64

Keeping the Peace in the Cyprus Crisis of 1963–64

Author: A. James

Publisher: Springer

Published: 2001-11-28

Total Pages: 259

ISBN-13: 1403900892

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During the Cold War the small state of Cyprus was of great strategic importance to the West. Britain, the United States, and Nato all had valuable installations there; and any armed conflict between Greek and Turkish Cypriots could easily suck two nearby Nato members - Greece and Turkey - into war. When therefore, intercommunal fighting broke out in Cyprus in December 1963, the West was deeply embarrassed. This book examines the consequential efforts of, first Britain, and then the UN, to keep the peace.


The Cyprus Problem

The Cyprus Problem

Author: James Ker-Lindsay

Publisher: Oxford University Press

Published: 2011-04-21

Total Pages: 148

ISBN-13: 019975716X

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For nearly 60 years, the tiny Mediterranean nation of Cyprus has taken a disproportionate share of the international spotlight. In The Cyprus Problem, James Ker-Lindsay--recently appointed as expert advisor to the UN Secretary-General's Special Advisor on Cyprus--offers an incisive, even-handed account of the conflict. Ker-Lindsay covers all aspects of the Cyprus problem, placing it in historical context, addressing the situation as it now stands, and looking toward its possible resolution.


Safeguarding the Euro in Times of Crisis

Safeguarding the Euro in Times of Crisis

Author:

Publisher:

Published: 2019

Total Pages: 419

ISBN-13: 9789295085336

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This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.


Cyprus Before 1974

Cyprus Before 1974

Author: Marilena Varnava

Publisher: Bloomsbury Publishing

Published: 2019-12-12

Total Pages: 388

ISBN-13: 1788315421

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Focusing on the period from September 1964, when Senor Galo Lasso Plaza assumed the UN mediatory role, to the coup d'etat and the Turkish invasion ten years later, Cyprus Before 1974 seeks to unpick the internal conflicts which led to the failure of the peace process in Cyprus. Marilena Varnava studies three phases: Plaza's mediation of 1964-1965; the negotiating impasse on the island during the period 1965-1967; and finally the inter-communal talks of 1968-1974. Varnava argues persuasively that each of these successive phases, particularly the latter two, were inextricably tied to political and social developments within the two main communities on the island itself. In particular, Cyprus before 1974 focuses on the events of 1968 - when the Greek-Cypriot political leadership, and the President of the Republic of Cyprus Archbishop Makarios III, failed to grasp the nature of the changes within the island's post-independence arena. Recurrent attempts within both communities during the talks of that year to create faits accomplis favourable to their own bargaining positions served to heighten the barriers to a stable and peaceful outcome. This study enlarges our understanding of the underlying issues which the Turkish invasion of 1974 were to throw into stark relief and is essential reading for all those who study the Cyprus problem and conflict resolution.


Cyprus

Cyprus

Author: Andrew Borowiec

Publisher: Bloomsbury Publishing USA

Published: 2000-01-30

Total Pages: 212

ISBN-13: 031300207X

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Borowiec portrays Cyprus as a permanent source of tension in the Eastern Mediterranean and a potential trigger for future conflict between Greece and Turkey. He describes the depth of animosity between Greek and Turkish Cypriots and analyzes the obstacles in the path of a search for a solution. Most casual observers see the conflict between Greeks and Turks on a strategic Mediterranean island as a struggle within a sovereign state. Borowiec concludes that there has never been a Cypriot nation, only Greeks and Turks living in Cyprus, separated by the hostility reflecting the traditional animosity between their motherlands. If these two groups could forget their past conflicts—as did, for example, Germany and Poland—there might be a way to end the partition of Cyprus. At the present time, however, the crisis is likely to continue with varying degrees of tension, threatening the entire Eastern Mediterranean and undermining NATO's cohesion. Borowiec traces the history of Cyprus from antiquity through Ottoman and British colonial rule and the post-independence period. He describes the break between the island's communities in 1963, the UN intervention of 1964, and the path toward the Athens junta's coup in 1974 which caused the Turkish invasion and occupation of the northern part of Cyprus. He compares the conflicting views of the protagonists—the Greek Cypriot majority and the Turkish Cypriot minority. Considerable attention is paid to the two separate economic and political entities on the island. Borowiec analyzes the futility of myriad international mediation efforts and suggests possible ways of creating a climate propitious to dialogue. This important new look at the Cypriot conflict will be valuable to researchers, policy makers, and scholars involved with the Eastern Mediterranean and conflict/peace studies.


Constructive Imperialism, Experts and Crisis in Colonial Cyprus

Constructive Imperialism, Experts and Crisis in Colonial Cyprus

Author: Serkan Karas

Publisher: Cambridge Scholars Publishing

Published: 2021-10

Total Pages: 330

ISBN-13: 9781527572072

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This book explores the colonial history of Cyprus through the history of technology. Based on materialist and actor-network approaches to power, it unfolds the role of technology in the formation of British colonial rule during critical episodes in Cyprus. It considers the entanglement of colonial rule and technology in four cases of infrastructural development: the island-wide electrification project, Famagusta and Larnaca Harbours, and the Cyprus Government Railway. Throughout these cases, the reader will discover the expert-based, developmentalist and material ways of governing crises with which the British Empire expected to reproduce and prolong its rule on the island.


America, Britain and the Cyprus Crisis of 1974: Calculated Conspiracy or Foreign Policy Failure?

America, Britain and the Cyprus Crisis of 1974: Calculated Conspiracy or Foreign Policy Failure?

Author: Dr. Andreas Constandinos

Publisher: AuthorHouse

Published: 2009-06-29

Total Pages: 434

ISBN-13: 1467887072

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America, Britain and the Cyprus Crisis of 1974 examines recently released and declassified British and American government documents, in order to scrutinize the roles played by both of these countries during the Cyprus crisis of 1974. It evaluates British and American aims towards Cyprus, analysing in particular the roles played by British Foreign Secretary James Callaghan and US Secretary of State Dr. Henry Kissinger, and their respective relationships with the Cypriot, Greek and Turkish governments. Also, the book considers Whitehall and Washington's responses to the Greek military coup, the Turkish invasion, the two Geneva conferences on Cyprus and the second, consolidatory, phase of the Turkish invasion. Ultimately, the book seeks to ascertain whether there exists any credible evidence to support the belief that Britain and/or America were complicit in the coup against President Makarios as well as whether they colluded with Ankara in her subsequent partition of the island.


The Cyprus Conspiracy

The Cyprus Conspiracy

Author: Brendan O'Malley

Publisher: Bloomsbury Publishing

Published: 2001-06-25

Total Pages: 285

ISBN-13: 085771192X

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In 1974 the Greek colonels ousted the Greek-Cypriot leader of Cyprus, Archbishop Makarios, and Turkey retaliated by invading and seizing a third of the island. Cyprus remains split in two, like Berlin before the wall came down, bristling with troops and spying bases, and permanently policed by the United Nations. Henry Kissinger claimed he could do nothing to stop the coup because of the Watergate crisis, but this book presents evidence to support the view that it was no failure of American foreign policy, but the realization of a long-term plot. The authors describe the strategic reasons for Washington's need to divide the island. Their account encompasses an international cast of characters that includes Eden, Eisenhower, Nixon, Kissinger, Wilson, Callaghan, Grivas, and the leaders of the two halves of the divided island, Clerides and Denktas.