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The Economist: What happened in Cyprus (March 28th 2013)
Though Cyprus only hit the front pages in the last month, its crisis has been years in the making. Athanasios Orphanides was governor of the Central Bank of Cyprus from 2007 to 2012, giving him a seat on the European Central Bank's governing council and oversight of Cyprus' banks. In an interview with The Economist, Mr Orphanides gives his views on how the crisis came about: exposure to Greece and the global financial crisis; decisions by the former communist government (with whom Mr Orphanides had a strained relationship); and flawed decisions by Europe's governments. Mr Orphanides was raised in Cyprus, received his PhD in economics from the Massachusetts Institute of Technology and was an adviser at the Federal Reserve Board. He is now a lecturer at MIT and a fellow at the Center for Financial Studies at the Goethe University of Frankfurt. The following is an edited transcript of the interview, conducted over the telephone and in writing in the last week.


guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Carrie (migeru at eurotrib dot com) on Thu Mar 28th, 2013 at 02:55:16 PM EST
[ Parent ]
Migeru:
Mr Orphanides gives his views on how the crisis came about: exposure to Greece and the global financial crisis;

they used to worry about commie dominos, my oh my.

little did they know...

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Thu Mar 28th, 2013 at 03:29:28 PM EST
[ Parent ]
Shorter Orphanides: it's all the fault of the communist for not accepting austerity earlier... until the elections; and all the fault of the German SPD after. Well, to be fair, there are lots of interesting background details in the article, but political biases shine through – I wonder how the communists react.

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Thu Mar 28th, 2013 at 03:38:13 PM EST
[ Parent ]

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