10-23-2017  6:31 am      •     
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U.S. & WORLD NEWS

OPINION

Black America’s Dreams of Homeownership Still Deferred

Charlene Crowell talks about Black homeownership and the need for financial justice in the Black community ...

On Dick Gregory's Birthday

Dr. Barbara Reynolds recalls Gregory's encouragement to write about 'the seen and the unseen' ...

Parents Deserve “Real” School Choice

Dr. Elizabeth Primas challenges Education Secretary Betsy DeVos on school choice. ...

The Fight to Protect Voting Rights Continues #StayWoke

Derrick Johnson, the interim president and CEO of the NAACP, talks about the fight to protect voting rights ...

AFRICAN AMERICANS IN THE NEWS

ENTERTAINMENT

Alanna Petroff and Jo Shelley CNN Money

NEW YORK (CNNMoney) -- Cypriot finance minister Michael Sarris resigned Tuesday, just days after the country accepted a 10 billion euro bailout to stave off a disorderly banking collapse.

Cypriot government spokesperson Christos Stylianides confirmed the resignation with CNN.

The country is still in the midst of trying to negotiate better terms for its bailout, which will see large bank depositors lose a significant portion of their savings.

The European Commission, European Central Bank and International Monetary Fund, known as the troika, will be meeting later this week to discuss the bailout terms and conditions.

The tiny island nation was brought to the brink of financial collapse and faced a possible exit from the eurozone after its two biggest banks -- Bank of Cyprus and Popular Bank -- took big losses on Greek government debt, wiping out a third of their combined capital.

After months of negotiations, Cyprus signed up last week for a bailout from its eurozone partners, worth nearly 60% of gross domestic product.

In return, Cyprus committed to raise billions from big depositors to fund the winding down of Popular Bank and to recapitalize Bank of Cyprus.

A spokesman for the finance ministry told CNN that the minister of labour and social insurance, Harris Georgiades, will become the new finance minister.

-- CNNMoney's Mark Thompson contributed

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