Michalis Sarris
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Why has Cypriot Finance Minister Michalis Sarris resigned?

Cypriot Finance Minister Michalis Sarris has resigned after completing talks on a controversial bailout deal.

The 10bn-euro (£8,5bn; $13bn) deal - agreed by the EU and IMF - originally envisaged a levy on all Cypriot bank depositors, triggering public anger.

Under the revised deal, Bank of Cyprus depositors with more than 100,000 euros could now lose up to 60% of savings.

As the BBC's Mark Lowen in Athens explained, Mr Sarris had been under a lot of pressure in the weeks and days leading up to his resignation.

The move would "only add to the turmoil that Cyprus is now facing", he added.

  • 02 Apr 2013
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