TagsLegal

Legal obstacle to Galanos appointment to BoC

By George Psyllides 26/04/13
PLANS to appoint former House president Alexis Galanos interim chairman of the Bank of Cyprus (BoC) have hit a legal obstacle as such a move would be incompatible with him also being the mayor of Famagusta and chairman of the union of municipalities.The government wants an interim board appointed as soon as possible, to oversee the stricken lender’s restructuring following a Eurogroup decision to impose hefty losses on its uninsured depositors.Galanos agreed to take over the post but reports said a legal ruling stated it would be in conflict with him being a mayor and the head of the union of municipalities.Reports suggested the matter was discussed in a one-hour meeting between President Nicos Anastasiades and Central Bank Governor Panicos Demetriades... 7 comments

Short Arm of the Law

March 29th 2012

 

I was owed a sizeable amount of money by an acquaintance/business associate and given the lean times we are experiencing I decided that it was time I confronted him and asked for my money back. 

I knew, or I thought I knew, that he was a man of his word and that collecting my dues would be a formality. When I told him the reason for my visit he just looked at me in a perplexed way as if I was demanding something unreasonable.

‘My friend, are you living in cuckoo land’ he said. ‘There is no money, no cash. The banks have squeezed us to the point of no return and it’s a struggle to feed my family and you are asking for your money? However since you have been so patient (stupid) with me I can give you some building material, cement, tiles lots of stuff. ’

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