Cyprus church urges minister to resign

Archbishop Chrysostomos II, the head of Cyprus’ powerful Orthodox Church, has urged the country’s finance minister and central bank chief to resign following the announcement of a bailout plan for the Mediterranean nation.

On Sunday, Chrysostomos called on both Central Bank Governor Panicos Demetriades and Finance Minister Michalis Sarris to leave their posts.

“If I was satisfied, I would not have called on them the other day to resign and leave, because they have the same views as the troika…. We put up no resistance (to the terms imposed by the troika namely the European Union, the European Central Bank and the International Monetary Fund) and I think this is unacceptable, ” Chrysostomos said.

He went on to say, “If we had spent within our means, we would not have the results we see today…. This misfortune that has occurred to our country seems like an economic problem but it isn’t — at its core you will find sin.”

Chrysostomos’ remarks came after Nicosia and the EU reached a stringent bailout deal which included a tax of up to 40 percent on deposits of over 100,000 euros in Cyprus two biggest banks, a move which undermines the nation’s status as an offshore banking center.

Under the deal agreed in Brussels on March 25, Cyprus must raise 5.8 billion euros (USD 7.4 billion) to qualify for the full loan from the European Union, the European Central Bank and the International Monetary Fund (IMF), and avoid bankruptcy.

Thousands of Cypriots have been demonstrating in the capital to denounce their government, the EU and the IMF for their austerity plan.