The Cypriot Finance minister Mr Sarris resigned today from his post citing his previous role as chairman of Laiki Bank, whose failure helped propel the island to the brink of financial meltdown, as a reason for his resignation. The Finance minister led a failed bid to Russia for help to help stave off a bailout by the troika of the EU, IMF, and ECB.
He was appointed as the now-defunct Laiki's chairman in January last year as part of a drive to strengthen the bank's capital position, and stepped down in August. He also said it was appropriate to resign as he was among several figures under scrutiny by a commission investigating the conditions which led to the collapse of the country's banking system.
Cypriot President Nicos Anastasiades accepted Mr Sarris' resignation and has appointed labour minister Harris Georgiades in his place, saying the former finance minister's decision to step down "for reasons of political responsibility in order to ease the work of the Investigating Committee, constitutes an example of a new mindset in Cypriot political life." Earlier today Mr Anastasiades presided over the swearing-in of three top judges charged with investigating how the country was led to near-bankruptcy.
They will also be granted sweeping powers to probe allegations that top officials and their family members used advance knowledge of the country's bail-out deal to protect their assets, and licence to examine a list of politicians accused by the Greek media of having defaulted on loans in the run up to the banking crisis.
http://www.examiner.com/article/italy-crisis?cid=db_articles
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