Judges to investigate Cyprus chaos

Three former supreme court judges have been asked by the president of Cyprus to investigate how the country ended up nearly bankrupt.

President Nicos Anastasiades said that ordinary citizens who were shouldering the burden of “actions and omissions” by officials want to see those responsible punished.

He urged the judges to begin by investigating his family’s business dealings amid an accusation in an opposition newspaper that a company that is said to be co-owned by one of his relatives took money out of Cyprus’ now defunct second-largest lender, Laiki, days before the country agreed to a €16bn international rescue.

Under the terms of the bailout with its euro area partners and the International Monetary Fund, big depositors in Laiki are facing very significant losses.