Michael Sarris is also likely to come under scrutiny from a new judge-led probe into the banking crisis that prompted Cyprus’s €10bn bailout. He was chairman of stricken bank Laiki until August.
Sarris served as finance minister between 2005 and 2008, during which time the country introduced the euro. He took the role again in March 2013, tasked with thrashing out a deal with Cyprus’s lenders.
Harris Georgiades will replace Sarris as finance minister, the country’s four-week-old Conservative government said. Georgiades, who is currently labour minister, will be sworn in today.
President Nicos Anastasiades yesterday appointed judges to investigate possible political and regulatory failures in the island’s economic demise.
The Cyprus Stock Exchange General Index fell 2.6 per cent on its first day of trading since 15 March yesterday, and the island’s banking stocks were suspended.