Andreas Artemis says his resignation from the Bank of Cyprus was due primarily to the fact he was left out of negotiations regarding his bank. He says he was at the mercy of the Troika, who acted to penalize both banks and banks’ depositors. The reaction of the Bank of Cyprus to Artemis’s resignation, was to give him time to think, saying they would only accept the resignation if Artemis did not withdraw it within a week.
For their part, Fitch has already cut the country’s credit rating, and to add further injury, cut the bank’s rating as well. Other European officials are now criticizing one another — Benoît Coeuré called Jeroen Dijsselbloem, “wrong” for suggesting the Cypriot model may be applied elsewhere in the EU. So, while leaders and administrators in the EU argue and criticize one another, the rest of the PIIGS continue to trudge on toward their unknown resolutions.