Cyprus president appoints new Central Bank chief

Menelaos Hadjicostis - Associated Press

NICOSIA, Cyprus (AP) — A British university's financial economics professor was appointed Cyprus' new Central Bank governor Saturday, as the eurozone member struggles to contain a stagnating economy and banking system roiling under heavy exposure to Greek debt.

Government Spokesman Stefanos Stefanou said President Dimitris Christofias wished Panicos Demetriades every success in the "difficult task" of helping to return the eurozone member's beleaguered banking system to solid ground.

The 53-year-old Demetriades, who gained a Ph.D. in Economics at Cambridge University, faces a daunting task amid fears that the island's major banks, which are trying to cope with record losses due to Greek exposure, may need to be bailed out.

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April 28, 2012