All eleven members of the Cypriot Cabinet have resigned at the request of President Dimitris Christofias. The country has been in crisis recently with both a political impasse following the recent general election as well as problems following an explosion at a power plant two weeks ago which killed 13 and left the country with power shortages.
If that wasn’t enough, Moody’s Investor Services have downgraded the country’s credit rating by two notches and there is now talk about Cyprus being the next country in the Euro zone to require a bailout.
A new Cabinet is likely to be appointed later this week or early next week. It remains to be seen what a reshuffle can achieve.