Michael Sarris
Michael Sarris | |
---|---|
Μιχάλης Σαρρής | |
Minister of Finance | |
In office 2 March 2013 – 2 April 2013 | |
Preceded by | Vassos Shiarly |
Succeeded by | Harris Georgiades |
In office 31 August 2005 – 28 February 2008 | |
Preceded by | Makis Keravnos |
Succeeded by | Charilaos Stavrakis |
Personal details | |
Born | Nicosia, Cyprus | 14 April 1946
Profession | Economist, politician |
Michael Sarris (
Career
In 1972, he joined the research department of the
In September 2005,
Change of currency
During Sarris' first tenure as Minister of Finance, Cyprus prepared for and introduced the
Sarris on Cyprus' entry to the eurozone:
"The
Cypriot Pound, which has been legal tender since 1960, will cease to exist and will be replaced by the common European currency. This is a fundamental, albeit natural, change for a small economy, brought about by Cyprus’ accession to the EU in 2004. The economy can reap important benefits from its participation in the single currency area, although it will face significant challenges. Everyone must play its [sic] role in this important journey, the government and the Central Bank, businesses, workers, and consumers."[7]
Cypriot financial crisis
In 2012, between January and August, Michael Sarris took a more active role in the recovery of Cyprus Popular Bank. Cyprus Popular Bank made unwise investments in Greece and urgently needed €1.8 billion ($2.25 billion) in bailout money in 2012.[8][9]
Sarris was reappointed Minister of Finance by President Nicos Anastasiades on 28 February 2013.[5] He resigned on 2 April after completing talks on a controversial bailout package for Cyprus.[10]
Allegations of inappropriate behaviour
On 15 October 2011, Sarris was accused by the internationally unrecognized entity of Northern Cyprus of inappropriate behaviour and was detained for three days. No inappropriate behavior was ever proven by Northern Cyprus, where homosexuality is still illegal. Northern Cyprus had previously made similar allegations.[11]
Business interests
- Former Non-Executive Chairman and Chairman of Nominations Committee Cyprus Popular Bank Public Co Ltd
- Non-Executive Independent Director and Member of Audit Committee AFI Development PLC
- Non-Executive Director at FxPro
- Director, Chairman of Audit Committee and Member of Conflicts Committee at Navios Maritime Partners Lp
- Member of the Board of Takis & Louki Nemitsas Foundation[12]
References
- ^ "Dr. Michael Sarris – from Cyprus Economic Forum". cypruseconomicforum.com. 2011-01-31. Retrieved 2012-05-09.
- ^ "Michalis Sarris – from Businessweek". usinessweek.com. 2011-01-31. Retrieved 2012-05-09.[dead link]
- ^ "Boards Of Governors – from World Bank" (PDF). imf.org. 2005-09-24. Retrieved 2012-01-11.
- ^ "Michael Sarris Director, Operations – from World Bank Institute". info.worldbank.org. 2003-03-19. Retrieved 2012-03-10.
- ^ a b "EX-Ministers of Finance – from Ministry of Finance". mof.gov.cy. 2005-10-19. Retrieved 2012-05-14.
- ^ "CIA Cyprus Economy – from CIA Factbook". cia.gov. 2012-06-20. Retrieved 2012-07-03.
- ^ "Cyprus: The Challenges Beyond Euro entry – from European Commission". ec.europa.eu. 2004-09-13. Retrieved 2012-04-13.
- ^ "Crisis-Hit Cyprus Takes Europe's Helm – from Der Spiegel". Spiegel.de. 2012-03-07. Retrieved 2012-03-07.
- ^ ""We're sorry", Laiki tells Cyprus shareholders over Greece – From Financial Mirror". FinancialMirror.com. 2012-05-06. Retrieved 2012-05-07.
- ^ "Cyprus bailout: Finance Minister Michalis Sarris quits". BBC News. 2013-04-02. Retrieved 2013-04-07.
- ^ "Στο κελί του Αττίλα ο Μιχάλης Σαρρής". Sigma Live. 2011-10-15. Retrieved 2013-03-02.
- ^ "Nemitsas Foundation – from Nemitsas Foundation". NemitsasFoundation.org. 2010-09-13. Archived from the original on 2012-03-07. Retrieved 2012-05-13.