The island`s CCIs have been nationalized by the state, after the government injected 1.5 billion to recapitalize the sector on the basis of a due diligence review carried out by US asset management company
Speaking to CNA, Nicolas Hadjiyiannis, President of the CCB Committee said the plan aims at 10% of the Coops 3.000 employees, specifically targeting employees over 45.
The CCB aims at saving €14 million from 2015 onwards, he said.
Furthermore, the CCB Board appointed
The Board also appointed Andreas Trokkos, a former Finance Ministry Director, head of the Unit to monitor the implementation of the restructuring plan.
The approval of the sector`s restructuring plan by the European Commission`s
Most Popular Stories
- E.U. Puts Sanctions on Russia, Ukraine Officials
- Crimea Seeks Financial Integration With Russia
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Jack Daniel's Resists Changes to Tenn. Whiskey Law
- Homebuilders Show Rising Confidence in Market
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Some California Cities Seeking Water Independence
- Microsoft Releases Free OneNote for Mac
- Chile Shaken by Major Aftershock
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.