Cypriot President Demetris Christofias, reshuffled his cabinet Monday and appointed former banker Vassos Shiarly as finance minister after Kikis Kazamias tendered his resignation on health grounds.
According to government spokesman Stefanos Stefanou two other key ministries have changed hands.
Interior Minister Neoclis Sylikiotis was transferred to the ministry of commerce, industry and tourism, which is also in charge of energy affairs. Cyprus is currently conducting a second offshore oil and gas licensing round, after a major gas discovery was made last year.
His predecessor, Praxoulla Antoniadou, ‘verbally’ tendered her resignation some weeks ago, according to Stefanou.
Eleni Mavrou, left-wing former mayor of Nicosia, the eastern Mediterranean island’s capital, will take over as interior minister replacing Sylikiotis.
Born in 1948, the new finance minister was former chief general manager at Bank of Cyprus, the nation’s largest lender, before becoming group adviser and chairman of the Cypriot Health Insurance Organization.
Shiarly will officially take over at the finance ministry on March 23, while the other two ministers assume their new duties tomorrow, Stefanou said.
Cypriot Finance Minister Kikis Kazamias resigned Friday, citing health reasons. A member of the ruling Communist AKEL party, Kazamias took charge of the finance ministry in August last year, and has been credited with spearheading an austerity drive in Cyprus.
The reshuffle comes at a sensitive time, as Cyprus struggles to narrow its budget deficit and cope with a sharp economic downturn stemming from a deadly munitions blast last summer, affecting the island’s electricity supply and leading to further knock on effects on the economy.
The country’s economy is also exposed to the Greek debt crisis due to local lenders holding significant amounts of Greek government bonds.
The island is about to take the European Union’s rotating presidency for six months, starting from July.
(source: Dow Jones)
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