Tuesday, April 2, 2013

Insight: Inside Laiki - Countdown to catastrophe

On the evening of the last Wednesday in March, the directors of Laiki bank, the second largest in Cyprus, gathered in their sixth floor board room for the last time.

With the portraits of chairmen past staring down at them, they all resigned, something that had become inevitable earlier in the week when each director received a letter from the Central Bank of Cyprus telling them a special administrator had been appointed to run their bank and the board was suspended.

After less than an hour, the board broke up for the last time, its members accepting that their 112-year-old institution was no more. "It was like a funeral," one director said.

http://www.reuters.com/article/2013/04/02/us-eurozone-cyprus-laiki-insight-idUSBRE9310GQ20130402