BREAKING NEWS

Cyprus finance minister quits after bailout

By REUTERS

APRIL 2, 2013 20:19

NICOSIA - Cyprus's finance minister resigned on Tuesday after concluding a 10 billion euro bailout deal with international lenders in which the country slashed its dominant banking sector and hit depositors with losses.

Michael Sarris, a lead player in talks with International Monetary Fund and European Union lenders, said he had completed his task but also that he was likely to come under scrutiny in an investigation into the crisis.

Tuesday's deal, which requires ratification from national EU parliaments and euro zone finance ministers, will see Cyprus receiving a 10 billion euro loan, carrying an interest rate of approximately 2.5 percent. It is repayable over a 12 year period after a grace period of a decade.

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