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Vol 23 No 5 May/June 2018

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Drafting Commercial Agreements

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The Cyprus Bail-in: Policy Lessons from the Cyprus Economic Crisis

ISBN13: 9781783268757
Published: May 2016
Publisher: Imperial College Press
Country of Publication: UK
Format: Hardback
Price: £95.00

Despatched in 11 to 13 days.

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 deal 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.

Banking and Finance
Cyprus in Crisis: What Happened?: Cyprus in the Eurozone(Michalis Sarris)
Mismanaging the Cyprus Crisis 2012-2013: ELA, PIMCO and Delays (Stavros Zenios)
Handling the Laiki Bank Emergency Liquidity Assistance in the Cyprus Bail-in Package (Costas Xiouros)
Cyprus: From Boom to Bail-in (Alexander Michaelides)
What Happened in Cyprus? The Economic Consequences of the Last Communist Government in Europe (Athanasios Orphanides)
Overcoming a Crisis: Cyprus in Crisis: Lessons, Challenges and Opportunities (Sofronis Clerides)
Overcoming the Crisis in Cyprus (Gikas Hardouvelis)
Making the Best of It: Lessons from Ireland's Experience in an EU/IMF Programme (Alan Ahearne)
The Future of the Euro Area: Large versus Small States in the Eurozone, The Democratic Deficit and Future Architecture (Yannis M Ioannides)
The European North-South Divide: Dealing with the Poor Relative (Michael Haliassos)
Monetary Architecture in the Eurozone (Lorenzo Bini Smaghi)