Cypriot Finance Minister Resigns in Bailout Talks Aftermath

Greek Cyprus Finance Minister Michalis Sarris gives a press briefing at the end of a special Eurogroup finance ministers meeting on the economic crisis in Cyprus, in Brussels, Belgium, on March 25, 2013. Photo by EPA

Cypriot Finance Minister Michalis Sarris has resigned after helping clinch the final terms of an international aid agreement to stave off a financial collapse of the island country.

President Nicos Anastasiades has accepted the resignation of Sarris, who had been under fire for his handling of the bailout deal.

Earlier, Anastasiades ordered an investigation into what led Cyprus to the brink of bankruptcy before it was forced to accept tough bailout conditions.

Cypriot media reports suggest that Sarris will be replaced by Labor Minister Haris Georgiades, according to the BBC.

Cyprus is set to receive the first tranche of bailout funding next month to ease the restructuring of its stricken banking sector.

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