Report: Bank of Cyprus chairman resigns

Cypriot state media is reporting that the chairman of the Bank of Cyprus has resigned over the country's bailout deal.

It is understood Andreas Artemis was unhappy that the Bank of Cyprus would have to absorb the debts of Laiki bank.

The news comes after it was announced earlier that banks in Cyprus are now to remain closed until Thursday in order to avert a run on deposits.

They have been closed now for 11 days and security guards have been brought in to protect bank branches, such is the level of public anger.