This page has been archived and commenting is disabled.

Cyprus Finance Minister Resigns

Submitted by Tyler Durden on 04/02/2013 08:17 -0400

As per rumors first reported in the overnight summary article, the Cypriot finance minister has joined the other rats dumping the sinking island:

CYPRUS FINANCE MINISTER SARRIS SAYS HE RESIGNS
SARRIS SAYS RESIGNS DUE TO ONGOING INVESTIGATION IN CYPRUS
SARRIS SAYS CYPRUS PRESIDENT ACCEPTED RESIGNATION

Investigation? Did he also funnel cash into London ahead of Confiscation Day? But fear not, all shall be well, the now ex-finmin promises:

SARRIS SAYS CAPITAL CONTROLS WILL BE EASED GRADUALLY

Surely, if this great news doesn't send the S&P to new all time highs, nothing will.

From Sigma Live:

His resignation, submitted by the Minister of Finance Michalis Sarris and agreed the President, confirmed by the Government Spokesman Christos Stylianides.

"I took over the Ministry of Finance to help the Cyprus agreement with the Troika on the memorandum, which was achieved," said Mr. Sarris in his statements.

The reason for his resignation, he said, is to facilitate the work of the Commission of Inquiry which was sworn in today.

"Because today begins the term of the research committee, which includes research and the timeframe in which I served as President of the People's Bank resign in order to facilitate the work of the Commission.

As the Government Spokesman, the Government is proceeding with a reshuffle concern the replacement of Michael Sarris.

According to information SigmaLive, President of the Republic, it is directed to replace Finance Minister Michalis Sarris, the current Minister of Labour, Haris Georgiades, which seems to replace Zeta Emilianidou, Director General of the Ministry of Commerce, Industry and Tourism.

There is, however, concern the Reformation to become wider with the participation of individuals from AKEL and EDEK which will stipulate a national unity government with a time horizon of three years.

Anastasiadis thanks to Sari and "regrets the resignation»

Regret the resignation of Finance Minister Michalis Sarris, expressed in a written notice of the President Anastasiadis, while thanking Mr. Sarris' for valuable services during the difficult negotiations with the troika. "

Negotiations were completed today, with considerable success for these objectives, the President says, adding that "it is, however, something that particularly appreciate, but I want to exclude from the resignation by Mr. Sarris is the high political ethos and politics sensitivity demonstrated. "

The decision of Mr. Sarris submit his resignation for reasons of political touchiness, to facilitate the work of the Investigation Committee, is a cultural phenomenon in the life of the Cypriot political life, says President Anastasiadis.

- advertisements -

Tue, 04/02/2013 - 08:21 | 3398835 Edward Fiatski

Sayonara, suckers. :)

Wonder how much he moved out of the country before the event that nobody knew about and/or didn't saw coming.

Tue, 04/02/2013 - 08:36 | 3398887 Seer

Yeah, EVERYONE KNOWS that you kick out the payload BEFORE you jump with the parachute!

Tue, 04/02/2013 - 08:40 | 3398898 Pladizow

Cyp-RATS fleeing a sinking ship!

Tue, 04/02/2013 - 08:42 | 3398901 SamAdams

a good Corzining, then time to retire...

Tue, 04/02/2013 - 08:44 | 3398904 doomandbloom

only because the cardinal asked him to resign

http://www.agi.it/flash-news/articles/201303311539-pol-ren1107-head_of_cypriot_orthodox_church_asks_minister_to_resign

Tue, 04/02/2013 - 08:51 | 3398928 fonzannoon

Michelle Caruso Cabrera just said he resigned due to exhaustion after recieveing high marks from everyone for the way he handled everything....and this is in no way a change in policy.

Tue, 04/02/2013 - 08:52 | 3398933 Pladizow

Is that an earpiece or a Goldman tenticle I see behind his ear?

Tue, 04/02/2013 - 08:53 | 3398937 azzhatter

thievery is hard work

Tue, 04/02/2013 - 12:05 | 3399839 Mountainview

He must know a lot about worse to come on the politico-frontrunning leaving the country EURO front...

Tue, 04/02/2013 - 08:54 | 3398938 GetZeeGold

This is BS.....once your in.....you don't get out.

Tue, 04/02/2013 - 22:23 | 3401742 Buck Johnson

There fleeing the ship because they have already moved their money for one. And two, they know that the people with under 100,000 euros will need to "contribute" and it was known from day one but the stick to this was that the rich wanted their money out so the EU may or may not have known but they couldn't stop it and after the rich and politically connected got their money out, they leave. And then we find out that the ship of state is on fire.

Tue, 04/02/2013 - 08:39 | 3398896 pndr4495

The test is much easier when one is given the answers.

Tue, 04/02/2013 - 08:53 | 3398932 azzhatter

CNBC reports "He's tired"

Tue, 04/02/2013 - 09:08 | 3398991 SheepDog-One

He's feeling a bit sleepy...all that transfering of funds and screwing over a whole country has to be exhausting.

Tue, 04/02/2013 - 15:26 | 3400571 rotagen

This guy doesn't look too bright, but at least he's not in with the "club" and that's a good thing.

Tue, 04/02/2013 - 08:19 | 3398838 Its Only Rock N Roll

Wonder how much his pension is for his service to his nation.

Tue, 04/02/2013 - 08:39 | 3398893 Seer

Just look it up in one of London's banks... London, home to the biggest rats in banking. Just where IS Guy Fawkes when you need him?

Tue, 04/02/2013 - 08:45 | 3398911 CH1

Just where IS Guy Fawkes when you need him?

Guy Fawkes went to a government school, watched TV and binge-drank. He's sitting at home on disability.

Tue, 04/02/2013 - 08:19 | 3398839 Cursive

This motherfucker didn't need any capital controls, now did he? In a civil society, the only capital he should be worried about right now is the one above his shoulders and keeping it there.

Tue, 04/02/2013 - 10:17 | 3399362 Cacete de Ouro

Sarris has been involved in a bunch of corporate crony events recently plugging the s*@t out of the Cypriot natural gas fields. So the question is, how involved is he in natural gas deals and ownership interests?.... a little bit, a medium punt, or up to his neck in natural gas deals.

I'd say the latter...

Tue, 04/02/2013 - 08:21 | 3398843 Jayda1850

Someone please hang this man.

Tue, 04/02/2013 - 08:41 | 3398902 Seer

Hope that you're not expecting people to increase the existing tab by having to pay for the rope and to stage the "activities."

Too much of an easy out. I say he should be passed around to each and every Cyprian household and made to perform physical labor, until he dies.

Tue, 04/02/2013 - 08:23 | 3398844 Sudden Debt

and SARRIS IS OUT!!!

TECHNOCRATS ARE ON!!

DEMOCRACY 0 - BANKSTERS 1

Tue, 04/02/2013 - 08:24 | 3398846 Edward Fiatski

A Goldman schlong should be moving into the open position any second now. :)

Sieg Heil, Europa-Babylon!

Tue, 04/02/2013 - 08:30 | 3398861 Sudden Debt

They came in sitting on the containers of freshly new printed euro bills!!

PRINTED FOR FREE!!

LOANED OUT AT MAXIMUM RATES!!!

IT'S GOOD TO BE a banker...

fucking amazing....

Cyrus used to have it's Cyprus pound which was one of the strongest currencies out there... a thriving economy...

and since the euro... they lost it all...

Cyprus isn't like Italy or Greece!!! IT NEVER WAS!!

CYPRUS WAS A ECONOMICAL SOUND COUNTRY!!

Tue, 04/02/2013 - 08:44 | 3398906 Seer

"They came in sitting on the containers of freshly new printed euro bills!!"

Thought that I saw tentacles around those containers! That explains it!

Tue, 04/02/2013 - 08:35 | 3398882 Papasmurf

Isn't that who caused this?

Tue, 04/02/2013 - 08:50 | 3398923 Edward Fiatski

Exactamundo: An engineered series of crises for the Betterment of the Union and a shinier tower of Babylon. :)

DoublePlusGood Progress So Far.

Tue, 04/02/2013 - 09:12 | 3399004 Doña K

Everyone says that they should have started pulling their money out before it's too late.

Well! that's exactly what happened, people and companies had lost faith, saw the writing on the wall and the bank realized that there was a silent bank run. No waiting. Just transfers. The troika then acted, closed the banks and seized the little there was there. And yet more leaked out.

Bottom line either by a silent bank run or a real total one, the Cypriot banks were doomed. The only possitive thing here is that the small fry may not loose all.

Tue, 04/02/2013 - 08:33 | 3398875 booboo

Wrong, wrong, wrong. Cyprus, like the U.S. is getting its DemoCrazy in spades, right up the ass. Democracy is like hiring temporary workers to write the rules and guard the vaults, of course they are going to loot as much as they can before they lose their position.

Democracy, the god that FAILED.

Tue, 04/02/2013 - 08:51 | 3398929 falak pema

democracy the god that got buffooned, bamboozled, and neptuned deep down under on its four legs, by the Oligarchs riding rodeo in electric horseman neon armed with fiat lassoes of awesome leverage.

Hello Dolly, your butt is now like old glory; in tatters.

Democracy is "we the people" meme betrayed.

Tue, 04/02/2013 - 08:23 | 3398845 HegelianDialectic

I hereby declare let the games begin.

Tue, 04/02/2013 - 08:23 | 3398847 Anglo Hondo

Wonder how much he 'borrowed' from Laiki Bank that he didn't repay. Or was it just the interest he didn't pay? Whatever, all 'his' money is all outside of Cyprus since the last week or two. Damn thieves.

Tue, 04/02/2013 - 08:49 | 3398919 Seer

"Damn thieves."

They certainly do suck. Hypocrites, however, can serve up more damage/loss: there can be an "honest thief," but I'm not thinking that there cane be an "honest hypocrite."

Tue, 04/02/2013 - 08:23 | 3398848 Sudden Debt

Did anybody read the Paypal transactions that still continued when Cyprus banks where totally blocked?

Tue, 04/02/2013 - 08:31 | 3398870 bobert

Hooray for Pay Pal.

Tue, 04/02/2013 - 08:49 | 3398925 Seer

Didn't PayPal block money transactions to Assange's group?

Tue, 04/02/2013 - 08:49 | 3398922 Seer

Is That how they got their money out?

Tue, 04/02/2013 - 08:24 | 3398851 j0nx

Retired to his new Greek island most likely, yelling "THANKS CYPRIOT SUCKERS!!" as his boat speeds away from Cyprus.

Tue, 04/02/2013 - 08:25 | 3398853 willien1derland

The revolving door now is attached to first class airline accommodations - This just in - Sarris joins Promontory Financial...not just for former "regulators" anymore...just sayin'

Tue, 04/02/2013 - 08:25 | 3398854 NoWayJose

Looks like its time to open the Resign-Pardon playbook of Nixon-Ford.

Tue, 04/02/2013 - 08:27 | 3398855 williambanzai7

Presumably, he will not be announcing Russian citizenship...or will he?

What does the Efficient Market Hypothesis say?

Tue, 04/02/2013 - 08:48 | 3398920 CH1

They hire famous thives at Goldman, don't they?

Tue, 04/02/2013 - 08:26 | 3398856 newworldorder

Cyprus is the gift that will keep on giving for a long time. Wondering whether those that will receive in the EU and TROIKA will continue to be thankful.

Tue, 04/02/2013 - 08:28 | 3398860 caimen garou

rats fleeing the sinking ships around the world! not to worry the hot air central planners will carry the world to safety!

Tue, 04/02/2013 - 08:31 | 3398868 pods

Heck of a job Brownie!

pods

Tue, 04/02/2013 - 09:23 | 3398877 Yellowhoard

LOOKING FOR A GOOD PAYING JOB AND HAVING NO LUCK?

WELL LOOK NO MORE AND CALL THE TBTF SCHOOL OF FINANCE MINISTERS TODAY!

YOU TOO CAN BE A FINANCE MINISTER, BUT ONLY IF YOU ACT NOW!

FINANCE MINISTERS FLY IN AWESOME JETS!
FINANCE MINISTERS EAT AWESOME CATERED MEALS!
FINANCE MINISTERS STAY IN SWANKY HOTELS AND BANG ONLY TOP NOTCH HOOKERS!

DOES BEING A FRONTMAN FOR THE GANGSTER ELITE SOUND LIKE SOMETHING THAT YOU COULD DO?

THEN CALL US TODAY AT 666 666 6666!

WHAT ARE YOU WAITING FOR!

JOBS ARE OPENING UP ALL OVER THE WORLD!

Tue, 04/02/2013 - 08:34 | 3398878 edb5s

"SARRIS SAYS CAPITAL CONTROLS WILL BE EASED GRADUALLY"

In other words:

"SARRIS SAYS NOT TO WORRY, PEASANTS; WE WILL REMOVE THE TROIKA DILDO FROM YOUR ASSES SLOWLY AND GENTLY"

Tue, 04/02/2013 - 08:36 | 3398888 edb5s

Somewhat OT: Monte Paschi short-selling banned today. LOL.

Tue, 04/02/2013 - 08:40 | 3398897 falak pema

Sarris is just Harris armed with a scythe of the lord of the underworld.

Harris is Harry who potters around Hogwarts of witchcraft and wizardry; Nicosian castle on Venus's island all his to use along with his Voldemort breed of hot panted ruskis.

So Sarris disguised as old Harris, having practiced witchcraft and wizardry in Hogwarts of Cyprus, has now adorned his magic cape, rebecome Sarris and brought out his scythe to cut off the heads of fellow Hogwarters; having emptied its coffers of every golden Snitch he could nip in the bud.

Quidditch is a game for wizards like Sarris riding on "i resign" brooms heading for the new moon, cos no longer Harris; as he will now be non-dom moussaka king in Voldemort's kingdom of the City of derivatives quidditch.

More golden Snitches to nip, bitchezz!

Tue, 04/02/2013 - 08:47 | 3398915 Peter Pan

Sarris is now free to return to the Turkish side and have uninterrupted massages this time. Oh, I forgot the Turks have a warrant out for his arrest.

Tue, 04/02/2013 - 08:50 | 3398924 RaceToTheBottom

He must have achieved all he could......

Tue, 04/02/2013 - 08:55 | 3398941 Trying to Understand

04-02 7:45: Cyprus deny reports by Cyprus News that Cypriot finance minister... from Ranskawk the time listed is why I've posted.

Tue, 04/02/2013 - 08:54 | 3398942 SheepDog-One

SO sick of seeing this ongoing clownshow roll on day after day, what a fucked world.

The next person I run into telling me about 'great people we're riding the coat tails of' such as Abe Lincoln, I think I'll just punch them in the face hard as I can....it's just all bullshit.

Tue, 04/02/2013 - 09:08 | 3398992 machineh

It's Lincoln time in old Europe: preserve the union at all costs, no matters how many corpses it takes.

(And print more currency to finance it all.)

Tue, 04/02/2013 - 09:30 | 3399121 Edward Fiatski

You are very much correct, though we do not have a homogeneous population here - there's a great divide between the peoples North & South of the Pyrenees, especially when it comes to work ethic, in part due to the favourable climate conditions there :)

But EU is here to stay, EUR, presumably, also, though not at its current overpriced levels to the USD.

Tue, 04/02/2013 - 10:17 | 3399365 billsbest

The EU may be "here to stay", but not because the people want it. It stays because the bankers and politicians are working as a team to rob you.

Tue, 04/02/2013 - 08:55 | 3398945 eddiebe

No matter how much any of these ministers and bankers and leaders fuck the people, they are never held to account. Great system.... for them.

Tue, 04/02/2013 - 08:57 | 3398946 Zola

Funny interview with Stockman! By the way Krugman is bashing Zerohedge ! ...

http://www.youtube.com/watch?feature=player_embedded&v=x6hmrk8kvE4#!

Tue, 04/02/2013 - 09:01 | 3398960 edb5s

When you draw the ire of moronic shills such as Krugman, you know you're doing something right.

Tue, 04/02/2013 - 09:08 | 3398986 DavidC

Given some of the idiocy that Krugman comes out with, I think I'll stick with ZeroHedge.

DavidC

Tue, 04/02/2013 - 09:01 | 3398959 Dewey Cheatum Howe

Surprise, surprise, no not really. This is pretty much anti-climatic. Rats jumping ship especially the known ones is not news. When the passengers start spearing them as they try to swim away then that is when things get interesting.

Tue, 04/02/2013 - 09:04 | 3398976 spanish inquisition

"Worried about unrest in "stable" countries. Thoughts of confiscation got you down?

The NEW Goldman Sachs Politico Fund Tracker is for you. For just 20% of your uninsured assets over 500K we will let you know which politicians and their friends are moving money out of what country! You can pay us now or you can pay us later! (Them later..not us because we aren't them....get somoeone from marketing on the phone)"

Tue, 04/02/2013 - 09:04 | 3398979 Martin T

Rizzo the Rat from the Muppet Show: [greeting rat tourists into the ship] Alright folks, have your checks made out to Rat Cruises Limited. Remember: We put the "rat" in "pirate".

Tue, 04/02/2013 - 09:08 | 3398988 Debugas

one more new episode ?

Ok, where is my popcorn

Tue, 04/02/2013 - 09:10 | 3398997 SheepDog-One

That's OK, the financial media has already declared the collapse of another Euro country 'No Big Deal' and we're cleared for new stawk highs....that means there CAN'T be any bad news now, it's been deleted and blocked.

Tue, 04/02/2013 - 09:44 | 3399197 shutupnsing