This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/world-europe-22005240
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Cyprus bailout: Finance Minister Michael Sarris quits | Cyprus bailout: Finance Minister Michael Sarris quits |
| (35 minutes later) | |
| Cypriot Finance Minister Michael Sarris has resigned after completing talks on a controversial bailout deal. | Cypriot Finance Minister Michael Sarris has resigned after completing talks on a controversial bailout deal. |
| Mr Sarris, 66, will be replaced by Labour Minister Haris Georgiades, reports in the local media suggest. | |
| The 10bn-euro (£8,5bn; $13bn) deal - agreed by the EU and IMF - originally envisaged a levy on all Cypriot bank depositors, triggering public anger. | The 10bn-euro (£8,5bn; $13bn) deal - agreed by the EU and IMF - originally envisaged a levy on all Cypriot bank depositors, triggering public anger. |
| Under the revised deal, Bank of Cyprus depositors with more than 100,000 euros could now lose up to 60% of savings. | Under the revised deal, Bank of Cyprus depositors with more than 100,000 euros could now lose up to 60% of savings. |
| 'Right thing' | |
| On Tuesday, the Cypriot government said that President Nicos Anastasiades had accepted the resignation of Mr Sarris, who had been under fire for his handling of the bailout deal. | |
| Mr Sarris said that an inquiry ordered by the president into what led the island nation to the brink of bankruptcy before the bailout was agreed was a factor in his decision to step down. | |
| "I believe that in order to facilitate the work of (investigators) the right thing would be to place my resignation at the disposal of the president of the republic, which I did," he said. | |
| The inquiry would be carried out by a three-judge panel, President Anastasiades said. | |
| Mr Sarris was appointed finance minister in February. | |
| Last year he was the head of the country's second-largest bank, Laiki, whose performance was a major factor in Cyprus' near financial collapse. | |
| Big depositors at Laiki now could face an even tougher "haircut" than those with the Bank of Cyprus. However, no details have been released. | |
| In a separate development, Cyprus announced a partial relaxation of capital controls, raising the ceiling for financial transactions that did not require central bank approval and allowing the use of cheques to 9,000 euros per month. | |
| However, other restrictions are still in place. |