Bank of Cyprus Head Axed by Central Bank

Yiannis Kypri, the chief executive of the Bank of Cyprus, has been dismissed by the country's central bank.

Kypri was dismissed by central bank governor Panicos Demetriades, who has himself come under fire for his handling of the country's banking crisis, the BBC informs.

The reasons for the removal were not immediately clear.

The Cyprus News Agency reports that Kypri was fired on the instructions of the so-called troika of the European Union, European Central Bank and International Monetary Fund.

The bank was saved from collapse this week under a painful European Union bailout for Cyprus. The bank's chairman, Andreas Artemis, submitted his resignation on Tuesday. However, local reports suggested that the troubled bank's board had rejected his resignation.

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