A clever question finds answer

 

November 5, 2008

That exact day, Queen Elizabeth II visited the London School of Economics.

In the aftermath of the 2008 financial crisis, she asked a question that cut through layers of expertise and authority:

-        - why did nobody see it coming?

It wasn’t just a question—it was a quiet indictment of an entire system of economists, regulators, and institutions that had collectively missed the warning signs.

The moment exposed an uncomfortable truth: that complexity, confidence, and consensus can sometimes blind even the most sophisticated minds.

Worst days would follow and that question would coming back to my mind, again, again and again..

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During the summer of 2012, at the height of financial uncertainty, the Cyprus Ministry of Finance quietly reached out all parliamentary political parties for ideas—ideas that would confront what many already feared but few were prepared to articulate: the possible closure of Laiki Bank. It was a moment that demanded clarity, courage, and technical understanding. Yet, paradoxically, it was also a moment marked by hesitation and a lack of readiness.

Laiki was bleeding. At the time, there was a striking absence of individuals equipped to tackle such a complex and sensitive assignment. The scale of the problem—deeply rooted in systemic banking weaknesses and the broader European debt crisis—required not only technical expertise but also the ability to think beyond conventional solutions. Few possessed both. Fewer still were willing to engage with the political and economic consequences that such proposals would inevitably carry.

Once again, that huge “why” came to my mind..

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That night, that discussion, that level of information was shocking.. That was the moment I became certain Emma Zeniou was stealing the students’ grants. It had been going on for years, quietly, almost invisibly, and yet no one ever spoke about it. The silence felt deliberate, as if everyone understood more than they were willing to admit. Whatever was happening clearly involved too many people to be a simple case of misconduct—it was structured, coordinated, both inside the University of Cyprus but also within the National Office. The patterns, the missing pieces, the way transactions seemed to circle back without raising alarms—it all pointed to something far bigger, involving also the European Commission. To me, it no longer looked like isolated theft, but a perfectly engineered money laundering mechanism, both in Cyprus and Brussels, hiding in plain sight.

That moment, instead of “why” I started wondering “who” implemented that scam?..

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As the investigation went deeper, a series of striking red flags began to emerge. Key European directives appeared to have been deliberately kept out of sight, while lawyers insisted in formal statements that no such regulations existed (Case 1562/2014). At the very same time, however, those same lawyers were presenting internal emails that clearly referenced directive-based claims. The contradictions became even more troubling within the two courts themselves: one judge (Marika Kalligerou) was formally informed that no directives existed or applied, while another (Myria Loizou) received submissions explicitly citing those “not existing” directives. Both statements originated from the same law office (Argentoulla Ioannou)—and remarkably, from the same lawyer (Stavrina Karakatsiani)—raising serious concerns about consistency, transparency, and the integrity of the entire process.

At that moment, the only question was “ how many are involved? ”

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The way the Cyprus Cooperative Bank was ultimately shut down raised serious concerns and, to many observers, appeared deeply unjust. Closing the Coop in that manner felt almost criminal, as the approach of separating and merging so-called “healthy” and “unhealthy” firms  lacked clear logic and transparency. Rather than providing clarity, the process created the impression that decisions were being made to protect certain interests rather than to ensure accountability. Whatever was truly happening behind the scenes, it seemed as though those involved were more focused on erasing the traces of their own actions and shielding responsibility, leaving little evidence behind and many unanswered questions for the public.

At that moment, I had no question, I was just seeing it happening, once again..

 

Nicos Rafidhias

Book title: All the DOTS you have connected..

 

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