Global Market Data
Global News Journal
Pakistan: Now or Never?
Front Row Washington
The Great Debate
Personal Finance Video
Life & Culture
A selection of our top photos from the past 24 hours. Full Article
South Korean scientists create glowing dog: report
Rival debt plans in doubt, alternatives sought
Norway killer raised hands high in surrender: police
Casey Anthony judge blasts media, holds back juror names
Jail guard guilty of serving up hacksaw blade
Obama, Congress fail to break debt deadlock
Obama to stress ”incalculable” harm of debt failure
Big debt deal gains traction amid chaotic efforts
Experts predict $100 billion downgrade cost
Teenage hitman sentenced to three years
Deadly landslides hit S.Korea
Cyprus president to ask cabinet to resign
Cyprus president wants resignation of cabinet
UPDATE 3-Moody's cuts Cyprus as markets weigh bailout risk
Traumatized Norway tries to return to normality
Tue, Jul 26 2011
Norwegians grieve, look to future after massacre
Tue, Jul 26 2011
Geithner urges Greek finance minister to continue reform
Mon, Jul 25 2011
Analysis & Opinion
Should Obama mimic David Cameron’s austerity?
Pakistan, India and the possibility of change
By Michele Kambas
Wed Jul 27, 2011 4:29pm EDT
NICOSIA (Reuters) - Cypriot President Demetris Christofias will ask his cabinet to resign on Thursday as he attempts to hold together a fragile governing coalition in the face of growing public anger over a munitions blast which triggered Cyprus's worst peacetime disaster.
Christofias would seek the resignations of all 11 members of his cabinet at a meeting scheduled for 0630 GMT on Thursday, government spokesman Stefanos Stefanou said in a statement.
"The President of the Republic intends to proceed with a broad reshuffle...(he) has convened for tomorrow an extraordinary session of the Council of Ministers and will ask all ministers to place their resignations at his disposal," Stefanou said in a statement.
The July 11 munitions blast destroyed Cyprus's largest power station, killing 13 people and knocking out half of the east Mediterranean island's power supply.
Cyprus was already under market pressure because of its links to debt-laden Greece but economists have warned that the island could face a bill of at least 1 billion euros following the blast.
On Wednesday, Moody's cut Cyprus's sovereign rating to Baa1 and warned another downgrade was possible, highlighting the impact of the energy crisis and exposure to Greece that threaten to tip the island into fiscal meltdown.
Also on Wednesday, the junior partner in Cyprus's two-party governing coalition, the Democratic Party (DIKO) said it had asked its two ministers remaining in government to submit their resignations in a bid to force a reshuffle.
The DIKO had last week urged Christofias to create a broad-based national unity government to cope with the fallout from the blast. The Cypriot foreign minister, who came from DIKO ranks, resigned last week.
The call to the two DIKO ministers to quit had come while Christofias, a Communist elected for a five year term in 2008, was on an official visit to France. Stefanou's statement implied that Christofias heard about the DIKO call through the media.
Christofias's center-left government has been savaged by the opposition and thousands of Cypriots who have taken to the streets in protest over state incompetence which they say was to blame for the blast.
The munitions, confiscated from a ship bound for Syria from Iran in 2009 for being in violation of U.N. sanctions, had been stored in scorching heat at a naval base located several hundred meters from the island's main power station. Army officers had repeatedly appealed for the munitions' removal, citing deteriorating storage conditions.
(Reporting by Michele Kambas, Editing by Elizabeth Fullerton)
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Be the first to comment on reuters.com.
Add yours using the box above.
Social Stream (What's this?)
Back to top
New York Legal
Support & Contact
Advertise With Us
Connect with Reuters
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electric trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
About Thomson Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.