. >> michalis sarris lasted just over a week in a troubled job. >> i believe that in order to facilitate the work of the investigators, the right thing is to hand in my resignation to the president of the republic, which is what i have done. >> sarris' resignation came on an already and full day for the president. just a few hours before, he launched an investigation into the banking collapse and placed himself under scrutiny, telling the panel to look into allegations that business leaders and politicians move money out of the country before bank accounts were frozen. >> because these days even i am under judgment, i -- i ask you to make it a priority, and do not limit yourself to just my relatives, but widened their search to the legal office where i was a partner. >> the president hardly had a choice, like the austerity measures he accepted, which, through the media report, will be harsh. they put it that state employees will have their pay cut by up to 12.5%. pensions will be cut by 3%. corporate tax and sales tax will go up, and money will also be raised through privatizations. cypr