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

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership 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.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid