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HindustanTimes Wed,30 Jul 2014

As Cyprus probes crisis, finance minister resigns

AP  Nicosia, April 02, 2013
First Published: 23:03 IST(2/4/2013) | Last Updated: 23:06 IST(2/4/2013)

Cypriot finance minister Michalis Sarris has resigned after an investigation was ordered into how the country’s economy nearly collapsed last month.

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The country also announced a partial relaxation of currency controls, raising the ceiling for financial transactions that do not require central bank approval, but keeping most other restrictions in place.

The government said Tuesday that President Nicos Anastasiades accepted the resignation of Sarris, who has faced strong criticism for his handling of the Cyprus’ negotiations with its international creditors.

Sarris, who had headed the country’s troubled Laiki Bank last year in a bid to save it from collapse, said he decided to step down to ease the investigation ordered earlier on Tuesday.

“A series of acts or omissions from those authorised to manage the economy or the banking system led the country to the brink of bankruptcy, the dissolution of one its largest banks and the loss of billions from an impairment of deposits,” said Anastasiades.


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