Questionable activities and performance of Cyprus banks

Cyprus banking representatives recently visited European regulators in Brussels declaring that the island’s banks are “stronger than ever” citing impressive levels of key indicators on financial stability and profitability. And the governor of the Central Bank of Cyprus, Christos Patsalides has stated that Cyprus banks are performing well by highlighting frequently the resilience and prudent strategy of the banking sector.

Moreover, major credit rating agencies have progressively upgraded the...