The Cyprus crisis investigation is over. An independent commission found the “guilty men” responsible for the country's banking disaster. The financial crash was caused by the... communists. To be more exact, member of the Communistic Party and former president, Demetris Christofias. His government did not manage to provide a tight control of public spendings, as a result, the budget saw a shortfall, the jobless rate ticked up, and Cyprus was locked out of international financial market. As it was investigated, the ex-president did not think about the consequences and wrote off Greece's public debts that led the local banks to extreme losses. He also let an unforgivable delay and did not ask for support, when he was supposed to. Christofias rejected to help the investigation saying that the committee does not have appropriate authority. “The commission is out of the law, its assessment is slander and not true”, the former leader said. He is confident it is the fault of greedy bankers who took an unjustified risk. In fact, the commission does not wield power that the executive authorities do. Nevertheless, the revealed results will make serious charge. Today, the island country is in need of 23 billion euros, according to experts. In March, the Cypriot banks work was suspended within two weeks. Thereafter, Cyprus's banking system was partially restricted.
