Cyprus Finance Minister Resigns

Tyler Durden's picture

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.

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Edward Fiatski's picture

Sayonara, suckers. :)

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

Seer's picture

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

Pladizow's picture

Cyp-RATS fleeing a sinking ship!

SamAdams's picture

a good Corzining, then time to retire... 

fonzannoon's picture

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.

Pladizow's picture

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

Mountainview's picture

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

GetZeeGold's picture

 

 

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

Buck Johnson's picture

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.

pndr4495's picture

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

SheepDog-One's picture

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

rotagen's picture

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

Its Only Rock N Roll's picture

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

Seer's picture

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?

CH1's picture

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.

Cursive's picture

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.

Cacete de Ouro's picture

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...

Jayda1850's picture

Someone please hang this man.

Seer's picture

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.

Sudden Debt's picture

and SARRIS IS OUT!!!

TECHNOCRATS ARE ON!!

DEMOCRACY 0  - BANKSTERS 1

Edward Fiatski's picture

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

Sieg Heil, Europa-Babylon!

Sudden Debt's picture

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!!

Seer's picture

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

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

Papasmurf's picture

Isn't that who caused this?

Edward Fiatski's picture

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

DoublePlusGood Progress So Far.

Doña K's picture

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.

booboo's picture

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.

falak pema's picture

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. 

HegelianDialectic's picture

I hereby declare let the games begin.

Anglo Hondo's picture

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.

 

Seer's picture

"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."

Sudden Debt's picture

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

 

Seer's picture

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

Seer's picture

Is That how they got their money out?

j0nx's picture

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

willien1derland's picture

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'

NoWayJose's picture

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

williambanzai7's picture

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

What does the Efficient Market Hypothesis say?

CH1's picture

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

newworldorder's picture

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.

caimen garou's picture

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

pods's picture

Heck of a job Brownie!

pods

Yellowhoard's picture

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edb5s's picture

"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"

edb5s's picture

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

falak pema's picture

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!