IDEAS home Printed from https://ideas.repec.org/p/hel/greese/192.html
   My bibliography  Save this paper

The 2013 Cypriot Banking Crisis and Blame Attribution: survey evidence from the first application of a bail-in in the Eurozone

Author

Listed:
  • Agni Poullikka

Abstract

The policy responses to the Eurozone crisis were mainly driven by taxpayer funded bail-outs and austerity packages, with the exception of Cyprus where a bail-out was supplemented with a bank bail-in for the first time in the Eurozone. This paper examines how voters assign blame for the 2013 Cypriot banking crisis. The results of an original public opinion survey that was conducted in Cyprus show that neither the incumbent government at the time of the bail-in nor the previous one are assigned primary responsibility. Instead, blame is dispersed towards two non-elected actors; the national central bank and the banking sector. The findings carry implications for democratic accountability at the domestic and European Union level.

Suggested Citation

  • Agni Poullikka, 2024. "The 2013 Cypriot Banking Crisis and Blame Attribution: survey evidence from the first application of a bail-in in the Eurozone," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 192, Hellenic Observatory, LSE.
    • Handle: RePEc:hel:greese:192
    as

    Download full text from publisher

    File URL: https://www.lse.ac.uk/Hellenic-Observatory/Assets/Documents/Publications/GreeSE-Papers/GreeSE-No192.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Fred Cutler, 2004. "Government Responsibility and Electoral Accountability in Federations," Publius: The Journal of Federalism, CSF Associates Inc., vol. 34(2), pages 19-38, Spring.
    2. Alcañiz, Isabella & Hellwig, Timothy, 2011. "Who’s to Blame? The Distribution of Responsibility in Developing Democracies," British Journal of Political Science, Cambridge University Press, vol. 41(2), pages 389-411, April.
    3. Yiannos Katsourides, 2014. "The Comeback of the Right in Crisis-Ridden Cyprus: The 2013 Presidential Elections," South European Society and Politics, Taylor & Francis Journals, vol. 19(1), pages 51-70, January.
    4. Emilios Avgouleas & Charles Goodhart, 2015. "Critical Reflections on Bank Bail-ins," Journal of Financial Regulation, Oxford University Press, vol. 1(1), pages 3-29.
    5. Marsh, Michael & Tilley, James, 2010. "The Attribution of Credit and Blame to Governments and Its Impact on Vote Choice," British Journal of Political Science, Cambridge University Press, vol. 40(1), pages 115-134, January.
    6. Georgios Karyotis & Wolfgang Rüdig, 2015. "Blame and Punishment? The Electoral Politics of Extreme Austerity in Greece," Political Studies, Political Studies Association, vol. 63(1), pages 2-24, March.
    7. Georgios Karyotis & Wolfgang Rüdig, 2015. "Blame and Punishment? The Electoral Politics of Extreme Austerity in Greece," Political Studies, Political Studies Association, vol. 63(1), pages 1-1, March.
    8. Spyros Kosmidis, 2018. "International Constraints and Electoral Decisions: Does the Room to Maneuver Attenuate Economic Voting?," American Journal of Political Science, John Wiley & Sons, vol. 62(3), pages 519-534, July.
    9. Cherie D. Maestas & Lonna Rae Atkeson & Thomas Croom & Lisa A. Bryant, 2008. "Shifting the Blame: Federalism, Media, and Public Assignment of Blame Following Hurricane Katrina," Publius: The Journal of Federalism, CSF Associates Inc., vol. 38(4), pages 609-632, Fall.
    10. Brad T. Gomez & J. Matthew Wilson, 2008. "Political Sophistication and Attributions of Blame in the Wake of Hurricane Katrina," Publius: The Journal of Federalism, CSF Associates Inc., vol. 38(4), pages 633-650, Fall.
    11. Giorgos Charalambous & Bambos Papageorgiou & Adonis Pegasiou, 2015. "Surprising Elections in Exciting Times? Of Proxies and Second-Order Events in the 2014 European Election in Cyprus," South European Society and Politics, Taylor & Francis Journals, vol. 20(3), pages 403-424, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Emmanuel C Mamatzakis, 2024. "High Greek Bank Net Interest Margins, Recapitalisations and Competition," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 199, Hellenic Observatory, LSE.
    2. Spyros Economides, 2024. "Konstantinos Karamanlis and Leadership in Foreign Policy," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 195, Hellenic Observatory, LSE.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Poullikka, Agni, 2024. "The 2013 Cypriot banking crisis and blame attribution: survey evidence from the first application of a bail-in in the Eurozone," LSE Research Online Documents on Economics 121228, London School of Economics and Political Science, LSE Library.
    2. Lucio Baccaro & Björn Bremer & Erik Neimanns, 2021. "Till austerity do us part? A survey experiment on support for the euro in Italy," European Union Politics, , vol. 22(3), pages 401-423, September.
    3. Nezi, Roula & Karyotis, Georgios & Makropoulos, Iakovos, 2023. "Culture wars? Assessing the impact of affective polarisation on cultural battles," LSE Research Online Documents on Economics 120702, London School of Economics and Political Science, LSE Library.
    4. Alexia Katsanidou & Zoe Lefkofridi, 2020. "A Decade of Crisis in the European Union: Lessons from Greece," Journal of Common Market Studies, Wiley Blackwell, vol. 58(S1), pages 160-172, September.
    5. Wesley Wehde & Matthew C Nowlin, 2021. "Public Attribution of Responsibility for Disaster Preparedness across Three Levels of Government and the Public: Lessons from a Survey of Residents of the U.S. South Atlantic and Gulf Coast," Publius: The Journal of Federalism, CSF Associates Inc., vol. 51(2), pages 212-237.
    6. J. S. Maloy, 2014. "Linkages of Electoral Accountability: Empirical Results and Methodological Lessons," Politics and Governance, Cogitatio Press, vol. 2(2), pages 13-27.
    7. E Goulas & C Kallandranis & A Zervoyianni, 2019. "Voting Behaviour and the Economy: Evidence from Greece," Economic Issues Journal Articles, Economic Issues, vol. 24(1), pages 35-58, March.
    8. Baccaro, Lucio & Bremer, Björn & Neimanns, Erik, 2020. "Is the euro up for grabs? Evidence from a survey experiment," MPIfG Discussion Paper 20/10, Max Planck Institute for the Study of Societies.
    9. Prein, Timm M. & Scholl, Almuth, 2021. "The impact of bailouts on political turnover and sovereign default risk," Journal of Economic Dynamics and Control, Elsevier, vol. 124(C).
    10. Ana Herrero-Alcalde & José Manuel Tránchez Martín & María Goenaga Ruiz de Zuazu, 2018. "Revisiting Responsibility Attribution within Multilevel Governments: The Role of Information," Hacienda Pública Española / Review of Public Economics, IEF, vol. 226(3), pages 37-58, September.
    11. Stella Ladi & Vasiliki Tsagkroni, 2019. "Analysing Crisis Parliamentary Discourse in Greece: Whom Should We Blame?," Journal of Common Market Studies, Wiley Blackwell, vol. 57(4), pages 729-748, July.
    12. Berthold Rittberger & Helena Schwarzenbeck & Bernhard Zangl, 2017. "Where Does the Buck Stop? Explaining Public Responsibility Attributions in Complex International Institutions," Journal of Common Market Studies, Wiley Blackwell, vol. 55(4), pages 909-924, July.
    13. Roula Nezi & Georgios Karyotis & Iakovos Makropoulos, 2023. "Culture wars? Assessing the impact of affective polarisation on cultural battles," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 190, Hellenic Observatory, LSE.
    14. Alexia Katsanidou & Simon Otjes, 2016. "How the European debt crisis reshaped national political space: The case of Greece," European Union Politics, , vol. 17(2), pages 262-284, June.
    15. Juan Herreño & Matias Morales & Mathieu Pedemonte, 2023. "The Effect of Local Economic Shocks on Local and National Elections," Working Papers 23-08, Federal Reserve Bank of Cleveland.
    16. Phillip Keefer & Carlos Scartascini, 2022. "Organization, Citizenship, and the Social Contract," IDB Publications (Book Chapters), in: Phillip Keefer & Carlos Scartascini (ed.), Trust: The Key to Social Cohesion and Growth in Latin America and the Caribbean, edition 1, chapter 8, pages 195-222, Inter-American Development Bank.
    17. Dominik Schraff & Frank Schimmelfennig, 2019. "Eurozone bailouts and national democracy: Detachment or resilience?," European Union Politics, , vol. 20(3), pages 361-383, September.
    18. Thomas Husted & David Nickerson, 2021. "Private Support for Public Disaster Aid," JRFM, MDPI, vol. 14(6), pages 1-19, June.
    19. Koetter, Michael & Krause, Thomas & Sfrappini, Eleonora & Tonzer, Lena, 2022. "Completing the European Banking Union: Capital cost consequences for credit providers and corporate borrowers," European Economic Review, Elsevier, vol. 148(C).
    20. Roy Havemann, 2018. "Can creditor bail-in trigger contagion? The experience of an emerging market," Working Papers 755, Economic Research Southern Africa.

    More about this item

    Keywords

    European Union; Eurozone crisis; Cyprus; small states; public opinion;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hel:greese:192. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Vassilis Monastiriotis (email available below). General contact details of provider: https://edirc.repec.org/data/lsepsuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.