News / Europe

Cypriot Finance Minister Quits

Cypriot Financial Minister Michalis Sarris speaks to the media during a press conference at Cyprus central bank in capital Nicosia, Cyprus, Mar. 26, 2013.Cypriot Financial Minister Michalis Sarris speaks to the media during a press conference at Cyprus central bank in capital Nicosia, Cyprus, Mar. 26, 2013.
x
Cypriot Financial Minister Michalis Sarris speaks to the media during a press conference at Cyprus central bank in capital Nicosia, Cyprus, Mar. 26, 2013.
Cypriot Financial Minister Michalis Sarris speaks to the media during a press conference at Cyprus central bank in capital Nicosia, Cyprus, Mar. 26, 2013.
VOA News
Cypriot Finance Minister Michalis Sarris has resigned as a judicial panel prepares to investigate the role that he and others played in a financial crisis that pushed the eurozone member to the brink of bankruptcy.

Sarris submitted his resignation Tuesday, saying it was an appropriate step given the need to cooperate with the three-judge commission set up by the government earlier in the day. He previously served as chairman of Cyprus' second largest lender Laiki Bank, whose risky investments led to its break-up last month under the terms of an international bailout for the Cypriot economy.

Sarris, who was appointed finance minister in February, also said he had accomplished the main task of his brief tenure.

"As you know I took over the finance ministry in order to carry out our work, with the first goal being the agreement of the bailout," he said. "I believe with great effort this has succeeded."

Cypriot President Nicos Anastasiades accepted Sarris' resignation and appointed Labor Minister Haris Georgiades to the finance portfolio.

The Cypriot government said Tuesday that it had finalized the terms of the $13 billion bailout with international creditors. It said the final agreement gives Cyprus an additional two years to fulfill the deal's requirements to improve government finances, with 2018 set as the deadline.

In return for the aid, international creditors forced Cyprus to agree that depositors with more than $130,000 at the Bank of Cyprus, the nation's largest, would lose up to 60 percent of their savings. Cypriot officials said Tuesday the creditors have agreed to let those depositors access one-quarter of the remaining funds, with the rest to be unblocked later.

The judicial panel appointed by the Cypriot president will examine political and regulatory failures that led Nicosia to seek the bailout from the European Union, the European Central Bank and the International Monetary Fund.

Anastasiades urged the judges to look at his own business dealings and those of his relatives as part of the investigation. Local media have reported allegations that the president's family members used inside information to take money out of the country before deposits were locked down by the bailout deal.

The island nation's central bank also took a step to ease the financial pain of Cypriots on Tuesday, partially relaxing transaction controls aimed at preventing a massive flight of money from the banking system.

The central bank raised the ceiling on transactions not requiring its approval from $6,400 to $32,000, and authorized the use of checks worth up to $11,500. Other restrictions on money transfers remain in effect. The Cypriot government imposed them last week, as banks re-opened following a two-week shutdown prompted by fears of a run on deposits.

You May Like

Lebanese Media Unite to Support Palestinians in Gaza

Joint newscast billed as Arab world’s first unified news bulletin in support of Hamas-controlled Gaza Strip More

Photogallery Australian PM Alleges ‘Coverup’ at MH17 Crash Site

Meanwhile, Russia's ambassador to Malaysia denies plane's black boxes were opened before they were handed over to Malaysian officials More

Despite Advances in AIDS Treatment, Stigma Lingers

Leading immunologist tells VOA that stigma is often what prevents those infected with disease from seeking treatment More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
IAEA: Iran Turns its Enriched Uranium Into Less Harmful Formi
X
July 22, 2014 10:26 AM
Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.
Video

Video Nature of Space Exploration Enters New Age

Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.
Video

Video Chicago’s Argonne Lab Developing Battery of the Future

In 2012, the U.S. Department of Energy’s Office of Science awarded a $120 million grant to a new technology center focused on battery development - headquartered at Argonne National Laboratory in suburban Chicago, Illinois. As VOA’s Kane Farabaugh reports, there scientists are making the next technological breakthroughs in energy storage.
Video

Video In NW Pakistan, Army Offensive Causes Massive Number of Displaced

Pakistan’s army offensive in North Waziristan has resulted in the large-scale displacement of the local population. VOA's Ayaz Gul reports from northwest Pakistan where authorities say around 80 percent of the estimated 1 million internally displaced persons [IDPs] have settled in Bannu district, while much of the remaining 20 percent are scattered in nearby cities.
Video

Video Kurdish Peshmerga Force Secures Kirkuk, Its Oil

The Kurdistan regional government has sent its Peshmerga troops into the adjacent province of Kirkuk to drive out insurgents, and to secure the area's rich oil fields. By doing this, the regional government has added a fourth province to the three it officially controls. The oil also provides revenue that could make an independent Kurdistan economically strong. VOA’s Jeffrey Young went out with the Peshmerga and filed this report.
Video

Video Malaysia Reeling: Second Air Disaster in Four Months

Malaysia is reeling from the second air disaster in four months involving the country’s flag carrier. Flight 340 vanished in March and despite an extensive search, no debris has been found. And on Thursday, Flight 17, likely hit by a surface-to-air missile, came apart over eastern Ukraine. The two incidents together have left more than 500 people dead. VOA Correspondent Steve Herman reports from Kuala Lumpur.

AppleAndroid