A few people ran up a huge bill that everyone now has to pay’

A few people ran up a huge bill that everyone now has to pay’

 

By George Psyllides

Failure to take any measures to tackle the economy’s structural problems, serious omissions in the decision-making centres, and poor decisions by certain bankers put Cyprus in vortex of the economic crisis, a senior bank executive said yesterday, although the European Union was not blameless, he said.

“The EU’s official decision-making centres and institutions perhaps bear the biggest responsibility since not only they delayed in reacting to the economic crisis in a specific and structured manner, but they also enforced dead-end policies that continue to sustain the vicious cycle of recession in Europe,” Hellenic Bank CEO Makis Keravnos said.

He did however stress that Cypriot authorities had failed to address the problems of the economy in time to mitigate the effects on the island, whose economy was also sunk due to the “apparently poor decisions and actions made by units of the banking system.”