Bank of Cyprus rejects chairman's resignation

27.03.2013 12:39
Bank of Cyprus rejects chairman's resignation

YEREVAN, March 27. /ARKA/.  The Bank of Cyprus has refused to accept the resignation of its chairman and four other board members as the island state continues to be gripped by confusion over its 10 billion-euro bailout, ABC News reported.

The resignation offer came as thousands of students took to the streets in protest, the first real expression of popular anger since Cyprus agreed to the European Union bailout.

Bank of Cyprus chairman Andreas Artemis complained that the government had failed to tell the bank it was appointing an administrator to oversee the bank's restructuring.

The resignation move came as a blow to the government's efforts to restore a semblance of normality to the island's banking sector in the face of drastic cuts imposed by international creditors in return for the bailout.

The bank says the resignations will only apply if they are not withdrawn within a week.
Banks will remain closed until Thursday and even then will impose capital controls to prevent depositors from stripping out all their funds after the government agreed to the bailout conditions to avoid bankruptcy.

Up to 3,000 high school students protested outside parliament, voicing concern that the bailout deal will saddle the country with years of austerity. –0--

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