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Cyprus finance minister resigns

Michalis Sarris had been chariman of Laiki Bank, whose failure was a major contributor to the island’s major financial problems.

Michalis Sarris
Michalis Sarris
Image: AP Photo/Petros Karadjias

CYPRIOT FINANCE MINISTER Michalis Sarris has resigned, saying one of the reasons was that he had been chairman of Laiki Bank, whose failure was a major contributor to the island’s near financial meltdown.

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

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

For its part, the Phileleftheros newspaper’s website 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.

- © AFP, 2013

Read: Cyprus president: Crisis is ‘contained’ and we won’t leave eurozone >

Read: Bank of Cyprus customers could lose up to 60 per cent of savings >

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