The Definitive Sources Page on the Cyprus Financial Crisis

This page is meant to serve as a resource page for source documents from the 2013 Cyprus financial crisis.

We are working to add more documents and this is very much a work-in-progress so please let us know what has been missed.

You can email us at

For our article database, please go to our Notable Articles page. 

Alvarez and Marsal Reports

Leaked on April 4, 2013 via the Cyprus Mail.

Laiki (Marfin) Bank
Bank of Cyprus

Troika Memorandum

Revised Debt Sustainability Analysis (April 9, 2013) First leaked via FT
Final (April 2013)
Draft, with Track Changes (April 1, 2013) Leaked via These are supposedly the IMF's edits.
Original (November 2012)
Stress Test Results

Laiki/Marfin (Popular) Bank

From Laiki's website

Stress Test Results

From EBA's website


More needed here.

European Banking Authority

From European Banking Authority website

July 2011 (All EU Stress Test Banks)

Anti-Money Laundering

Central Bank of Cyprus

All from the Central Bank of Cyprus's website

Notable Research

April 2013 - Cyprus Cannot Leave The Euro: Powerpoint by Alex Apostolides from European University of Cyprus making the case that Euro exist is not feasible unilaterally.

March 2013 Cyprus Debt - Perfect Crisis and Way Forward: Detailed and very comprehensive overview of Cyprus debt published by Stavros Zenios of the University of Cyprus via the Wharton Financial Institutions Center.

December 2012 - Driving Cyprus jobs in Professional Services - PWC: Report commissioned by PwC by Fiona Mullen, Marina Theodotou and Stavros Zenios -- good data about jobs and structure of Cyprus economy.

July 2012 - Cyprus Olive Branches Excellent, prescient overview of Laiki and Bank of Cyprus by Gabriel Sterne of Exotix. Original here.

Cyprus Presidency

A Letter from the President of Cyprus to Eurogroup

Ministry of Finance

Announcement by the Ministry of Finance and the Central Bank of Cyprus

We are focused on research papers here. We will create a separate page for notable articles shortly.