Cyprus finance minister resigns | Bangkok Post: news

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Cyprus finance minister resigns

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Finance Minister Michalis Sarris resigned on Tuesday, hours after a judicial probe was launched into how Cyprus was pushed to the verge of bankruptcy before having to agree a crippling eurozone bailout. 

Cypriot Finance Minister Michalis Sarris attends a news conference in Brussels on March 25, 2013. Sarris has resigned and is to be replaced by Labour Minister Haris Georgiades, the Phileleftheros newspaper's website reported.

He said he was stepping down as he would need to cooperate with judges probing the failure of Laiki Bank, of which he was chairman for much of last year. The bank's collapse was a major contributor to the island's near financial meltdown.

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