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Stavros A. ZENIOS University of Cyprus Senior Fellow, The Wharton School, USA Transparency and Accountability: Civil Society Calls for Reforms

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Page 1: Transparency and Accountability: Civil society calls for reforms

Stavros  A.  ZENIOS  

University  of  Cyprus  

Senior  Fellow,  The  Wharton  School,  USA  

Transparency and Accountability: Civil Society Calls for Reforms

Page 2: Transparency and Accountability: Civil society calls for reforms

Key  points  

¤   We  were  wronged  

¤   We  were  wrong      

Page 3: Transparency and Accountability: Civil society calls for reforms

We  were  wronged:    Impact  of  Greek  PSI  on  eurozone  countries    

!! Cyprus! Greece! Germany! Belgium! France! Portugal!! ! ! ! ! ! !%!of!GDP! 23.03! 11.65! 0.14! 0.56! 0.25! 0.25!Source:!EBA!and!author’s!calculations.!EBA!data!available!at!http://www.eba.europa.eu/documents/10180/15935/CY006.pdf!

!

Page 4: Transparency and Accountability: Civil society calls for reforms

We were wronged: ad hoc bail-in

¤  Directive 2014/59 issued in 2014.

¤  Article 44 -scope of bail-in: ¤  Exempts covered deposits

¤  Accrued salary

¤  Pension benefits

¤  Liabilities arising from the provision of goods or services that are critical to the daily functioning of the creditor.

¤  Capital controls

Cyprus bail-in detrimental to notion of common currency.

Page 5: Transparency and Accountability: Civil society calls for reforms

We were wronged: unfairness of the bail-in

¤  Bailed-in depositors of BOC contributed €3,806mil in cash and received shares at €1.00 per share.

¤  CPB contributed net assets €425mil and received shares at €0.503.

¤  Capitalization of BOC was €371,95mil and received shares at €20,66.

¤  81.5% bailed-in depositors, 18.1% ex-CPB, 0.4% BOC shareholders.

¤  82.7% bailed-in depositors, 9.2% ex-CPB, 8.1% BOC shareholders.

Fail the John Rawles “veil of ignorance” test.

Page 6: Transparency and Accountability: Civil society calls for reforms

We were wronged: narrative of money laundering

Page 7: Transparency and Accountability: Civil society calls for reforms

Spiegel, 5 November 2012 German Secret Services Secret report

Page 8: Transparency and Accountability: Civil society calls for reforms

Basel Institute of Governance AML Index

Cyprus 4.93

Holland 5.03

Germany 5.80

Page 9: Transparency and Accountability: Civil society calls for reforms

Financial Action Task Force

Page 10: Transparency and Accountability: Civil society calls for reforms

Narrative of money laundering

Is it true? No it is not!

Fits Noam Chomsky theories.

Page 11: Transparency and Accountability: Civil society calls for reforms

We were wrong

Shadow economy

Political corruption

Cronyism

Page 12: Transparency and Accountability: Civil society calls for reforms

Shadow economy

Shadow Economies All over the World Policy Research Working Paper 5356, The World Bank

Country % GDP

Switzerland 8.5

USA 8.6

Singapore 13

Ireland 12

Italy 21

Greece 24

Cyprus 25

EU-27 18.5

Page 13: Transparency and Accountability: Civil society calls for reforms

Political corruption

¤  GRECO Report of Council of Europe 2011

¤  Transparency in party financing

¤  Eight significant recommendations

¤  Only 2 partially complied by 2013

Don’t get mad, get even.

Page 14: Transparency and Accountability: Civil society calls for reforms

Transparency Now!

¤  Petition

¤  5000 signatures

¤  Public pressure –TV, radio, newspapers, social media

¤  Elections challenge

Approved by Council of Ministers, February 2015.

Page 15: Transparency and Accountability: Civil society calls for reforms

Cronyism

¤  Electoral reform: Horizontal Voting

Page 16: Transparency and Accountability: Civil society calls for reforms

Active citizens: Regenerate, Reform, Reveal

E-petitions

Page 17: Transparency and Accountability: Civil society calls for reforms

Conclusions  

¤   We  are  fixing  our  mistakes    

¤   EU  InsLtuLons  should  fix  theirs      

Page 18: Transparency and Accountability: Civil society calls for reforms

Βιβλιογραφία

Zenios,  S.A.,  The  Cyprus  debt:  Perfect  crisis  and  a  way  forward.hXp://papers.ssrn.com/sol3/papers.cfm?abstract_id=2233239  

Zenios,  S.A.,  Fairness  and  reflexivity  in  the  Cyprus  bail  inhXp://papers.ssrn.com/sol3/papers.cfm?abstract_id=2409284  

   

 


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