Economics
How Trading Blame Led to Death Threats for ECB’s Cypriot Banker
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When Panicos Demetriades’s phone rang at about 7 a.m. on March 16, the Cypriot central bank governor had already read the bad news he was about to hear.
On the line was his then deputy, Spyros Stavrinakis, passing on details of a deal the Cypriot president had agreed to overnight 2,000 miles away in Brussels: Every bank account on the island would be raided to help pay for a rescue that already amounted to 10 billion euros ($12.9 billion) of foreign aid.