BUSINESS
03/19/2013 12:45 pm ET Updated Mar 19, 2013

Cyprus Finance Minister Denies Resignation Reports (UPDATE)

UPDATE: 1:53 p.m. -- Reuters reports via Twitter that resignation reports aren't true.

Original story below:

On Tuesday, the same day the Cyprus parliament may vote on whether to accept an international bailout, Finance Minister Michael Sarris submitted his resignation, according to a Reuters tweet citing Market News International:

According to CNBC, the resignation has yet to be accepted:

The reported resignation was one of a series of fast-moving developments on a crucial day in Cyprus' debt crisis. The country's parliament was due to vote on a controversial bailout plan that would be paid for partly by a tax on bank deposits -- the first use of such an approach since the European debt crisis began.

The plan was likely to be rejected, Reuters reported, despite efforts to make it more fair to Cypriots with small bank deposits. Dow Jones reported that Cyprus' ruling party planned to abstain from the vote. The bailout plan's defeat would raise the risk that Cypriot banks could fail and that Cyprus could default on its debts and leave the euro zone. Such developments could throw financial markets back into turmoil after months of relative calm, raising fears that the euro zone could unwind.

This is a developing story. Please check back for updates. For an explainer on the situation in Cyprus, click here.

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