Bank of Cyprus chairman abruptly resigns, says government ran roughshod over him

It was reported Tuesday that Antreas Artemis, the chairman of the Bank of Cyprus, abruptly resigned from the island nation’s largest bank. This came after Artemis had a meeting with the Finance Ministry and the head of the central bank.

One of the reasons that Artemis stepped down from his post was because he says the public authorities ran roughshod over him and the board of directors. According to Artemis, they did this by selling off units of the bank in Greece and their plan to hit depositors to pay for losses.

Financial experts and banks say that the board was left entirely in the dark during the discussions over the multi-billion euro bailout agreement in Brussels. Furthermore, an outside administrator was named to head the bank in the next several months.

All banks in Cyprus were scheduled to open Tuesday, but by orders by the government the banks will remain closed until at least Thursday. Also, ATM cash withdrawals will be limited to only 100 euros ($128), down from 260 euros ($335) each day, down from 800 euros ($1,033).

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