Bank of Cyprus Chief Kypri Out as EU, IMF Pressure Mounts
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Reports out Wednesday have Bank of Cyprus CEO Yiannis Kypri being ousted per request of the International Monetary Fund (IMF) and European Union (EU).
The move was made by Panicos Demetriades, Cyprus central bank governor, who has come under pressure from bailout providers the European Union (EU) and the International Monetary Fund (IMF). Demetriades said there is "extraordinary" work being done to open Cypriot banks up by Thursday after being closed for over a week while a controversial bailout was negotiated.
Depositors in Cyprus are to bear the full brunt of Cyprus' bailout. Some stipulations include euro export limits, a weekly limit on cash withdrawals, and a ban on cashing checks.
Into the open, U.S. markets are indicated lower.
The move was made by Panicos Demetriades, Cyprus central bank governor, who has come under pressure from bailout providers the European Union (EU) and the International Monetary Fund (IMF). Demetriades said there is "extraordinary" work being done to open Cypriot banks up by Thursday after being closed for over a week while a controversial bailout was negotiated.
Depositors in Cyprus are to bear the full brunt of Cyprus' bailout. Some stipulations include euro export limits, a weekly limit on cash withdrawals, and a ban on cashing checks.
Into the open, U.S. markets are indicated lower.
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