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Orphanides Says Authorities Are Tackling Euro-Region ‘Problem’

European Central Bank council member Athanasios Orphanides said authorities are tackling the “problem” in the euro region, calling it “manageable.”

“Cyprus’s banking system is facing difficulties at this moment, just as it’s happening in the euro area,” Orphanides, who is also head of the central bank of Cyprus, told reporters in Nicosia today. “However, proper action is taken by the central bank, the finance ministry and all relevant bodies so that we can manage the situation. And because proper action is taken, there is no cause for concern either for depositors or the public in general.”

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