Cyprus finance minister resigns

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

    Cyprus finance minister resigns
    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.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    We Are Still Here: A Story from Native Alaska

    We Are Still Here: A Story from Native Alaska

    From Qatar to Alaska, a personal journey exploring what it means to belong when your culture is endangered.