Tuesday, March 26, 2013

Breaking: Head of Cyprus's Biggest Bank Resigns

The chairman of Cyprus’s biggest bank, the Bank of Cyprus, resigned abruptly Tuesday following a showdown with the head of the central bank and the Finance Ministry, reports NYT.

Antreas Artemis complained that authorities rode roughshod over him and his board of directors by moving unilaterally to sell off units of the bank in Greece and planning to hit big depositors to pay for losses.

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