[QODLink]
Europe

Cyprus finance minister resigns

Michalis Sarris's resignation accepted by president Nicos Anastasiades amid country's ongoing financial crisis.

Last Modified: 02 Apr 2013 14:11
Email Article
Print Article
Share article
Send Feedback
Michalis Sarris cited his role at Laiki Bank as one of the reasons for his resignation [Reuters]

Cypriot Finance Minister Michalis Sarris has resigned citing his role as chairman of Laiki Bank, whose failure was a major contributor to the island's near financial meltdown, as one of the reasons behind his decision. 

His resignation on Tuesday was accepted by President Nicos Anastasiades, presidential spokesman Christos Stylianides said.

Sarris' resignation comes after agreeing to the terms of a $13bn bailout from the International Monetary Fund and the European Union. The minister has faced strong criticism for his handling of negotiations with Cyprus's international creditors.

Earlier on Tuesday, the government launched a judicial probe into how the island was pushed to the verge of bankruptcy before having to agree to a crippling eurozone bailout.

Sarris, who headed the country's now defunct Laiki Bank last year in a bid to save it from collapse, also told reporters he decided to step down to ease the investigation ordered on Tuesday.

The Phileleftheros newspaper reported that he had quit and was to be replaced by Labour Minister Haris Georgiades.

Georgiades's former job is to be taken by commerce ministry civil servant Zeta Emilianidou, the report added.

179

Source:
Agencies
Email Article
Print Article
Share article
Send Feedback
Topics in this article
People
Country
Organisation
Featured on Al Jazeera
'Justice for All' demonstrations swell across the US over the deaths of African Americans in police encounters.
Six former Guantanamo detainees are now free in Uruguay with some hailing the decision to grant them asylum.
Disproportionately high number of Aboriginal people in prison highlights inequality and marginalisation, critics say.
Nearly half of Canadians have suffered inappropriate advances on the job - and the political arena is no exception.
Featured
Women's rights activists are demanding change after Hanna Lalango, 16, was gang-raped on a bus and left for dead.
Buried in Sweden's northern forest, Sorsele has welcomed many unaccompanied kids who help stabilise a town exodus.
A look at the changing face of North Korea, three years after the death of 'Dear Leader'.
While some fear a Muslim backlash after café killings, solidarity instead appears to be the order of the day.
Victims spared by the deadly disease are reporting blindness and other unexpected post-Ebola health issues.