12 18 2014
  11:14 pm  
     •     
buy tickets for MLK Breakfast

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

Commenting Guidelines

  • Keep it clean: Please avoid obscene, vulgar, lewd, racist or sexually oriented language
  • No personal attacks: We reserve the right to remove offensive comments
  • Be truthful: Don't knowingly lie about anyone or anything
  • Be nice: No racism, sexism or any sort of -ism that is degrading to another person
  • Help us: If you see an abusive post, let us know at info@theskanner.com
  • Keep to topic: We will remove irrelevant posts and spam
  • Share with us: We'd love to hear eyewitness accounts; the history behind an article

Recently Published by The Skanner News

  • Default
  • Title
  • Date
  • Random
load morehold SHIFT key to load allload all
United Way
THIS SITE WORKS BEST ON GOOGLE CHROME

PHOTO GALLERY

Calendar

About Us

Twist Your Dickens
Breaking News

The Skanner TV

Turn the pages

Buy Tickets ML King Breakfast 2015
 

Your Health