Cyprus is considering launching an investigation to find out the reasons behind the financial crisis, which threw the country’s economy on the brink of collapse and forced the government to accept international bailout on stringent terms.
The decision has been taken following the recommendation and report of a committee of enquiry, which was formed three months ago and led by three former Supreme Court judges.
The enquiry committee said that it can’t probe the issues pending in courts.
Commenting on the issue, Cyprus justice minister Ionas Nicolaou said, "The issues raised (by judges) can be resolved by inquiries which will be handled by criminal investigators."
The financial disaster, which derailed the banking sector of the nation and forced it to start consolidation in the financial sector, has attracted widespread criticism from the public.
The preliminary investigation revealed that the banking sector’s exposure to Greek bonds triggered the island’s financial crisis, along with contributing factors such as policy of complacency, oversight, weak bank governance and lethargic approach on financial reforms.
The Troika, including the European Union (EU), European Central Bank (ECB) and International Monetary Fund (IMF), ordered Cyprus to raise €5.8bn ($7.4bn) in order to qualify for the €10bn bailout package.