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" In my min,d there is arguably a greater risk of a default on the debt of a U.S. state than there is on the debt of a euro-area member. I consider it unthinkable that a euro-area country would default. "

Athanasios Orphanides

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" In order for the E.U. area to stay together, they needed to form a banking union, which meant they needed to have a common credible deposit insurance guarantee for everybody in the E.U. area. "

Athanasios Orphanides

" Near-zero policy rates that may be considerably expansionary in an economy with high inflation could be contractionary when inflation is too close to zero, or worse, deflation has set in. "

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" My mother is from Greece: she comes from Vrahos, a small village in Kastoria. "

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" I would say that fears of the euro area breaking up are unfounded. "

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" Watching the economies in various parts of the world, I believe that there is scope for improvement everywhere. There is some corruption and inefficiency everywhere. "

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" Sometimes you have Harvard undergraduates who stun you with the depth of their knowledge. That is why it is great to be at a university like this. "

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" The degree of monetary policy ease should be associated with the level of real interest rates, not nominal interest rates. "

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" Cyprus had developed its financial center over three decades ago by having double taxation treaties with a number of countries: the Soviet Union, for example. That means if profits are booked and earned and taxed in Cyprus, they are not taxed again in the other country. "

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