- POSTED: 07 Oct 2013 23:20
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Cyprus' former communist president Demetris Christofias is politically responsible for the island's economic meltdown that forced Nicosia to agree a painful bailout deal, a probe into the crisis said on Monday.
NICOSIA: Cyprus' former communist president Demetris Christofias is politically responsible for the island's economic meltdown that forced Nicosia to agree a painful bailout deal, a probe into the crisis said on Monday.
The findings of the public inquiry, which are non-binding, will now be put to the attorney-general who will decide whether to order a criminal investigation.
The report of the inquiry, made public on Monday, said Christofias and his administration seemingly ruled under the motto: "I govern, I do as I please."
Christofias -- who was in office from 2008 to February 2013 -- is blamed for a reckless fiscal policy that led the country to ruin by spending too much and ignoring the warning signs of the troubles ahead.
"He (Christofias) insisted on his positions, ignoring advice and promptings from experts as to the consequences of his decisions on the economy... he took no corrective measures," said the report.
In August, the former president refused to testify before the inquiry, requesting that he provide his answers in writing rather than give a verbal response.
When the inquiry insisted he answer their questions he walked out.
Christofias was also accused of dragging his feet over a timely agreement for EU rescue aid.
Cyprus applied for financial support in mid-2012 but did not strike a deal with international creditors until Christofias' term of office ended and a new government took over in March 2013. It had been shut out of international markets since May 2011.