Not everyone following the unfolding Cyprus bailout story may realise this, but Cypriot President Nicos Anastasiades has only been in office for a little over two weeks.
Anastasiades, a conservative, won the presidential election on February 24 and assumed office on February 28.
The whole Cyprus bailout was delayed by the EU until after the Cypriot elections, because former Cypriot President Demetris Christofias, a communist, refused to comply with the EU’s conditionality requests that are a part of the deal.
The Cypriot government is reportedly behind the entire idea to impose a haircut on insured depositors – those with less than 100,000 euros in their Cypriot bank accounts.
That provision of the deal has been almost universally condemned, and now the EU is taking a harder line on the matter of deposit insurance, saying it should be preserved in this bailout.
However, it doesn’t really look like the Cypriot government has any good options for tweaking the structure of the bailout this point.
And this is all less than three weeks into Anastasiades’ presidency.
If you can think of any worse starts for a president, let us know in the comments.
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