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

Philippines, Muslim Rebels Try to Salvage Peace Pact

Peace process faces major setback after botched military operation to find terrorists results in bloody gunbattle between government forces, Moro Islamic Liberation Front fighters More

Republicans Expect Long, Expensive Presidential Battle

Political strategist says eventual winner will be one who can put together strongest coalition of various conservative groups that make up Republican Party More

Video New Wheelchair Is Easier to Use, Increases Mobility

Engineers have come up with a lever-operated design that makes use of easily accessible bicycle technology 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.
Liberia's Almost Last Ebola Patient Grateful but Still Grievingi
X
Benno Muchler
March 26, 2015 3:41 PM
Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Liberia's Almost Last Ebola Patient Grateful but Still Grieving

Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Cambodian Land Grabs Threaten Traditional Communities

Indigenous communities in Cambodia's Ratanakiri province say the government’s economic land concession policy is taking away their land and traditional way of life, making many fear that their identity will soon be lost. Local authorities, though, have denied this is the case. VOA's Say Mony went to investigate and filed this report, narrated by Colin Lovett.
Video

Video US, South Korea Conduct Joint Military Exercises

The Eighth U.S. Army Division and the Eighth Republic of Korea Mechanized Infantry Division put on a well orchestrated show of force for the media this week during their joint military training exercises in South Korea. VOA’s Seoul correspondent Brian Padden was there and reports the soldiers were well disciplined both in conducting a complex live fire exercise and in staying on message with the press.
Video

Video Space Program Status Disappoints 'Last Man on the Moon'

One of the films that drew big crowds last week at the annual South by Southwest festival in Austin, Texas, tells the story of the last human being to stand on the moon, U.S. astronaut Eugene Cernan. It has been 42 years since Cernan returned from the moon and he laments that no one else has gone there since. VOA’s Greg Flakus reports.
Video

Video Young Filmmakers Shine Spotlight on Giving Back

A group of student filmmakers from across the United States joined President Barack Obama at the White House this month for the second annual White House Student Film Festival. Fifteen short films were officially selected from more than 1,500 entries by students aged 6 through 18. The filmmakers and their families then joined the president and a group of celebrities for a screening of their films. VOA’s Julie Taboh reports.
Video

Video VOA Exclusive: Interview with Afghan President Ashraf Ghani

Afghan President Ashraf Ghani, during his first visit as president to Washington, gave a one-on-one interview with VOA Afghan Service reporter Said Suleiman Ashna, about his request for a change in U.S. troop levels, the threat from the Islamic State, and repairing relations with the United States and Pakistan. The interview was held at Blair House, late Sunday, in Pashto.
Video

Video California Science Center Tells Story of Dead Sea Scrolls

The ancient manuscripts were uncovered in the mid-20th century, and they are still yielding clues about life and religious beliefs in ancient Israel. As VOA's Mike O'Sullivan reports, an exhibit in Los Angeles shows how modern science is bringing the history of these ancient documents to life.
Video

Video Angelina Jolie Takes Another Bold Step

Hollywood actress and filmmaker Angelina Jolie has revealed she had her ovaries and fallopian tubes removed to lower her odds of getting cancer. Doctors say the huge publicity over her decision will help raise awareness about the importance of cancer screening. VOA’s George Putic has more

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More