Shares in the Bank of Cyprus have been suspended for a further two months. The failed bank was was placed in resolution by the Cypriot central bank in March.
Two days ago, Greek corporate restructuring expert Christos Sorotos was been appointed as interim CEO at the bank. He is now expected to begin work on May 29.
Cyprus is expected to see its GDP contract sharply in 2013, with some suggesting that the central bank's prediction of an 8.7 per cent crunch is somewhat optimistic.