Central bank chief resigns in recession-hit Cyprus

Cyprus central bank governor Panicos Demetriades, whose performance came under fire over the island's banking crisis last year, resigned on Monday, the president's office announced. President Nicos Anastasiades, his leading critic, accepted the resignation, delivered to the Cyprus finance minister at a meeting in Brussels also attended by a European central bank representative. No reason was given for the surprise move.
The president "thanked Mr Demetriades for his contribution in the great effort that has been undertaken over the past year to rescue the country from bankruptcy and to stabilise the financial sector," it said in a statement.