Insider Economy Opposition parties split over Co-op bank resolution

Opposition parties split over Co-op bank resolution

Opposition parties will table two proposals for approval before the House plenum tomorrow, Friday, on the findings of an independent investigative committee’s report looking into the scandalous collapse of the Cyprus Cooperative Bank.

The common denominator of the two draft bills is the demand for the resignation of Finance Minister Harris Georgiades over his huge responsibility, according to the opposition, for the collapse of the peoples’ bank. However, the opposition is divided in two because of different interpretations of specific points in the proposals.

In particular, one draft bill will be jointly tabled by main opposition left-wing Akel party and centre DIKO and another by the small parties of the Greens and of the Citizens’ Alliance. So far, it looks like Edek will also join forces with Akel and Diko even though the socialist party does have reservations.

Edek leader Marinos Sizopoulos told Phileleftheros that they are hesitant over the resolution in the draft which demands the immediate resignation of the Finance Minister, even though responsibilities should be undertaken.  If the three parties do join forces, then the proposed bill will have the required majority, provided all 29 members are there to cast a vote.

Yesterday, the three parties held enough consultations in their bid to reach agreement on this that will be satisfactory to all. In addition, the three parties will put the blame on the Government and on the President of the Republic.

The parties also demand that assets of the Co-op bank should be protected and returned to the people. They will also demand criminal and civil liability be sought, with emphasis on the Finance Minister’s decision to distribute free Co-op shares to citizens arguing that at the time he was making this promise the Minister was also paving the way for the Co-op’s dissolution and its handing over to the Hellenic Bank.

On the other camp, the Greens and the Citizens’ Alliance argue that more involved parties should be blamed over the Co-op bank’s collapse. And this includes the island’s big parties.

Far right Elam is expected to join forces with the small parties considering that his leader has publicly accused the leaders of the big parties over the Co-op fiasco.


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