Harris Georgiades, the finance minister has revealed that he will be resigning from his current and aforementioned post by the end of the year. The minister is set to vacate the position he has occupied since 2013 on account of the controversy created by the findings of an inquiry that has at least partially blamed him for the demise of one of Cyprus’ biggest banks.
According to the Finance Minister Georgiades himself, he felt it the right time to move on having spent almost seven years in the same post and having to fiercely defend himself findings that are inaccurate and unjust.
He proceeded to add how the Cypriot President Nicos Anastasiades gave him his full backing – even amidst the opposition party constantly calls for his dismissal, going on to explain how the economy of the island nation has rebounded positively under his administration and guidance.
According to Cypriot President Nicos Anastasiades, there were no actual grounds that the inquiry had to level blame to Georgiades for what clearly appears to be billions in ill loans that that bank itself has accumulated over decades before Georgiades ever came to power. As a matter of fact, The whole point of Georgiades being appointed was to make the then volatile Cypriot economy stable in the face of the Euro rescue deal worth billions that Cyprus had to accept after a massive banking crisis that almost got the island nation bankrupt.
The inquiry, however, painted things in a much different light, blaming senior executives for making ill-informed judgments, not taking adequate action and taking virtually no stance whereas dealing with the bank’s bad loan portfolio was concerned. It proceeded to mention how Georgiades was responsible for not firing the executives in question when the time was right.