COVER STORY: Hands off Bank of Cyprus!

 * Is the government meddling in the bank’s affairs? *

The Cyprus banking crisis does not seem to be going away. Worse still, the problem has evolved from a can of worms to a Pandora’s Box with a power struggle within the island’s leading bank as the government continues to keep a stick-in-the-sand policy in dealing with the economy, amid allegations of meddling in the affairs of the Bank of Cyprus.
After the resignation of former CEO Andreas Eliades over the bank’s need to seek some 500 mln euros in state aid, just weeks after the bank’s management had assured the market that it was “nearly on track” with its recapitalisation plan, the board seems to be split over the handling of the whole affair.

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http://issuu.com/avokoushian/docs/financial_mirror_2012_08_01