by Shepard Ambellas
March 25, 2013
NICOSIA — Tuesday, Antreas Artemis, the chairman of Cyprus Bank (the largest bank in Cyprus) resigned swiftly today as he claims authorities essentially strong-armed him and his board while planning to hit big depositors hard in what some would say is a major world banking maneuver toward eventual one world domination.
How nice that the currency is so worthless due to inflation that they now must rob and steal from the actual depositors.
In fact the financial system and economy has become volatile in the region as the chairmans resignation was only a snippet of what’s to come. Now in a downturn Cyprus Bank scrambled to bounce back. The New York Times reports;
Despite promises since last week that the country’s banks would reopen Tuesday, the government late Monday ordered all of them, including the Bank of Cyprus and Cyprus Popular Bank — the nation’s largest financial institutions, with most of the accounts on the island — to stay shut through at least Thursday. The extended bank closing is to reduce the risk of a bank run by nervous depositors. Automated cash withdrawals will be limited to €100 a day.
On Tuesday, the Cypriot central bank said it had appointed Dinos Christofides, a well-known local businessman, to act as special administrator for Bank of Cyprus. Mr. Christofides, who operates a business advisory service in Nicosia, has long experience in auditing and advising major local and international companies.
However, this action to replace the chairman shall likely prove to be harder than it sounds as banker holidays continue.
On another front, a private Bitcoin investor has announced that it will be placing an ATM in the region, as Cypriot citizens will possibly beg to use cashless currency at this point. Reason.com reported that, “Yesterday, Jeff Berwick, founder of StockHouse.com and CEO of TDV Media, said that he plans to open a Bitcoin ATM in Cyprus.”
Chris Greene expresses his opinion in the following video:
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