11 March 2014 12:20

Central Bank governor Panicos Demetriades unexpectedly resigned yesterday just as the bailed-out economy struggles to emerge from a deep recession.
According to a government statement, President Anastasiades thanked Demetriades for helping to prevent the country’s bankruptcy and stabilising the troubled banking sector.
This despite the two often being at loggerheads since the bailout drama of March 2013 when banks were shut and people lost their savings.
Sources said the resignation letter cited “family and personal” reasons for his departure, and “difficulty in cooperating with the Board of Directors” at the Central Bank.
Demetriades was appointed in May 2012 for a five-year term by then President Demetris Christofias, a man many blame for misguided policies which led Cyprus to near-economic collapse.
Last year, Anastasiades launched a stinging attack against the Central Bank chief over his handling of the rescue deal with international creditors.
Anastasiades also said he would begin proceedings against Demetriades - to have him ousted for not doing his job properly.
Demetriades will leave his post April 10 with Auditor General Chrystalla Yiorkadji tipped to succeed him and become the first woman to hold the post.


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