Finance Minister Resigns to Clear Way for Investigation
|Former Minister of Finance of Cyprus, Michalis Sarris|
Finance minister Sarris resigned yesterday, eight days after helping to secure a twelfth hour EU bailout, staving off disorganized bankruptcy and likely Eurozone exit. Sarris stated his reason for resignation is that he said his previous role as chairman of Cyprus Popular Bank (Laiki), was likely to be subject to scrutiny.
Cyprus has commenced a formal investigation into the events leading to the country's 10 billion euro bailout, which includes capital controls and a levy on bank accounts deposits of over 100,000 euros in Laiki and Bank of Cyprus, the first time such measures have been adopted by an EU member state.