Cyprus finance minister resigns - Telegraph Mr Sarris spent most of his truncated tenure embroiled in crisis talks to secure a €10bn bail-out from Cyprus' troika of lenders, including a failed mission to Moscow in a bid to attract extra financial support from Russia. During a previous spell as finance minister between 2005 and 2008, he orchestrated the country's entry into the eurozone. News of Mr Sarris' departure came as details of the final bail-out package emerged, following the conclusion of week-long talks between the Cypriot government and its EU-IMF troika of lenders. Cyprus is set to receive its first tranche of bail-out cash in May, and will begin repaying its loans ten years from now at a rate of 2.5pc, it was announced today. The Cypriot government also clinched a two-year extension on a troika-imposed target to shore up its finances. Under the new terms, it must meet bail-out conditions, including getting its budget to a 4pc surplus, by 2018. Meanwhile tight controls imposed to prevent capital flight from the island when Cypriot banks re-opened last Thursday after nearly two weeks of shutdown were partially relaxed today. The finance ministry raised the ceiling for transactions which do not require central bank approval to €25,000, from €5,000. It also introduced a €9,000 limit on cashing cheques, stepping back from a complete ban on their use. However other restrictions introduced last week, such as a €300 daily cash withdrawal limit and a €1,000 cap on how much money may be taken overseas, remain. Prior to his resignation, Mr Sarris said it was not clear when all controls would be lifted. Last week's eleventh-hour deal, made just in time to avert the withdrawal of European Central Bank liquidity support to the island's ailing lenders, forces heavy losses on uninsured deposits - those over €100,000 - in Cyprus' two largest banks, to raise extra money towards the bail-out. While depositors in the Bank of Cyprus could lose up to 60pc of any assets over €100,000, those in the island's second-largest bank, Laiki, could see 80pc wiped off their uninsured deposits as the failed lender is broken up and wound down.