G Cyprus looks into bank probe

NICOSIA - The Associated Press

Greek Cyprus’ Central Bank says it has commissioned international consulting firm Alvarez and Marsal to carry out a probe into what led the country’s top two commercial banks to seek state support.

The bank said in a statement on Aug. 24 that it expects the probe to offer guidance into how to strengthen the stability of the country’s sizeable banking sector that suffered huge losses as a result of its exposure to Greek debt.

Grek Cyprus in June became the fifth country that uses the euro to seek an international bailout in order to prop up the Bank of Cyprus and Cyprus Laiki bank which together need at least ?2.8 billion ($3.5 billion) to meet EU-set capital buffers.