09 01 2014
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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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