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President Anastasiades commenting on State’s involvement in Coop-bank issues

May 27, 2018 at 2:30pm
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President of the Republic, Nicos Anastasiades, in a recent comprehensive interview with ‘Phileleftheros’ newspaper, aims to maintain the social equilibrium, following the tragic death of a 10-year-old boy, Stavros Giorgalli, stressing that the state will continue to invest in dialogue and cooperation, adopting effective measures due to address underlying problems.

Furthermore, President Anastasiades defends the Council of Ministers and rejects excessive criticism.

As regards to Cyprus Cooperative Bank uncertain fate, the President stressed that his individual intervention was aimed at the avoidance of investment funds’ negative exploitation at the expense not only of the Coop Bank but also of the State. ‘We never intended to withhold the real situation about Coop-bank’, Anastasiades said, adding that some people are unaware of the fact that Coop’s problems stem before 2013, due to poor management of the bank, so now, in 2018, the State was forced to step in to save the bank with a capital of € 1.7 billion.

‘The State did not intervene in the sense of influencing decisions, but in the sake of public interest’, President Anastasiades explained.