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Cyprus Popular Bank (Laiki Bank) and the Bank of Cyprus 2006-2013- the path leading to the EU bailout of 2013
07/16/2011
Cyprus Popular Bank and the Bank of Cyprus passed EU stress test in 2010 and 2011, resulting in the banks issuing dividends and increased their holdings of Greece's bonds even as the Greece faced a financial crisis in 2010. The losses from Greece bonds totalled 4.3 billion euros for the two banks in 2013, leading to the closing of Laiki Bank and the downsizing of the Bank of Cyprus under an EU bailout. The bank also made other risky investments in Greece, with the chief risk officer of Laiki Bank taking on more risks in 2010-2011 even as other European banks were reducing their investments in Greece.
Grouped Articles
Europe Fails Another Stress Test
Wall Street Journal 07.16.2011
IMF Urges EU Banks To Raise Capital
Wall Street Journal 09.22.2011
Piraeus Bankâs Michalis Sallas Reaches the Top in Greece
New York Times 06.10.2013
Wall Street Journal 07.04.2015
Wall Street Journal 03.28.2013
Cyprus Capital Controls Come Years After They Were Needed
New York Times 03.28.2013
In Cyprus, Feeling the Pain of a Bailout
New York Times 03.28.2013
IMF’s initial public statements on Cyprus conflicted with private doubts - The Washington Post
Washington Post 03.30.2013
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