Bloomberg News

Demetriades Sees Greece Staying in Euro, Phileleftheros Reports

May 27, 2012

European Central Bank Governing Council member Panicos Demetriades said he is optimistic that Greece won’t leave the euro area as growth policies in Europe gradually take hold, Phileleftheros reported.

Greece’s elected officials will “rise to the circumstances,” regardless of the outcome of the country’s June 17 ballot, the Nicosia-based newspaper reported, citing Demetriades, who is also governor of the Central Bank of Cyprus.

The east Mediterranean island’s central bank and finance ministry are working together to protect its tax regime, which attracts offshore companies, in the event that Cyprus pursues a financial bailout, Phileleftheros cited Demetriades as saying.

To contact the reporter on this story: Stelios Orphanides in Nicosia at

To contact the editor responsible for this story: Craig Stirling at

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