In June 2012 the Cypriot finance minister Vassos Shiarly stated that the European Central Bank, European commission and IMF officials are to carry out an in-depth investigation into Cyprus' economy and banking sector to assess the level of funding it requires.
Finance Minister Vassos Shiarly said June 19 in Nicosia that the Cypriot government is pursuing a loan from Russia to improve its bargaining position in case it has to turn to its Euro-area partners for emergency aid.
In Cyprus, Shiarly became actively involved in the banking sector joining the Bank of Cyprus initially at the Bank's Investments arm and later to the position of Senior Manager of Customer Management Services.
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His last employment before repatriating to Cyprus in 1985 was with then Coopers & Lybrand (now PricewaterhouseCoopers), where he held the position of Senior Manager.