President Anastasiades: Harris Georgiades has my full support

President Anastasiades: Harris Georgiades has my full support

By Michalis Michael

President of the Republic of Cyprus Nicos Anastasiades was placed on the attack to Finance Minister Harris Georgiades – after the publication of the Co-op report – mainly from the opposition parties regarding the latter’s manipulations.

President Anastasides says that the Finance Minister was invited to take accountability decisions, in order to avoid the disorderly bankruptcy of the Co-op, a fact that is pointed out by the Commission itself on page 171 of the report, in which it states that “The Republic of Cyprus was forced in 2013 to take it upon itself to pay EUR 1.5 billion for the recapitalization of the Co-op, to prevent its collapse due to the lack of funds that resulted from the large proportion of non-performing loans”.

These loans were impossible to be served, because of the scandalous process through which they were granted, as once again the Commission states on page 173, which was instrumental in the Single Supervisory Mechanism intervention on January 8, 2018.

I would consider, the President of the Republic stressed, that the Minister of Finance bears political responsibility if the collapse of the Co-op was the result of non-performing loans taken after 2013, and not the result of decades of accumulated NPLs up to 2013./ΙΒΝΑ