Perhaps the most underfollowed story of the day is the blatant takeover of the Cypriot Central bank by the ECB, which as we reported earlier [3], has been ordered to sell their gold by the ECB's Mario Draghi, even though the disposition decision of the "independent" central bank of the now insolvent nation is supposedly theirs. First it was this:
- PANICOS DEMETRIADES SAYS CYPRUS CENTRAL BANK INDEPENDENCE UNDER ATTACK,
- DEMETRIADES SAYS GOVT WANTS TO SELL GOLD WITHOUT CONSULTATION.
And now we learn that not one, not two, but three board members of the central bank have called it a day:
- THIRD BOARD MEMBER OF THE CYPRUS CENTRAL BANK RESIGNS - CYBC
We are sure there are at least a few more board members who can resign topped off by Panicos himself bailing, before the entire central bank implodes, and there is nobody left in charge of the now obsolete monetary policy apparatus. What happens then: will Goldman appoint a new "technocratic" Board and governor, or will the country finally confirm that all European lies about member bank Independence is just one big lie?