Tuesday, March 26, 2013

Rode roughshod

"NICOSIA — 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.

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. 

The changes at the Bank of Cyprus are part of the latest bailout deal negotiated between Cypriot officials and the so-called troika of international lenders: the European Commission, the European Central Bank, and the International Monetary Fund

Mr. Artemis’s resignation, while not wholly unexpected following the controversial decision by international lenders to impose significant losses on the bank’s larger depositors, still caught the market by surprise and was a further reminder of how volatile and uncertain Cyprus’s financial system has become in recent days."

Take his big severance package and leave his mess to someone else.