Cypriot Finance Minister Michalis Sarris is about to be replaced upon his return from his current trip to Moscow, Kathimerini understands, as he no longer enjoys the support of President Nicos Anastasiades following his handling of the crisis, although the minister denied there was any truth in that.

Sarris is seen to have failed to show the resistance Nicosia needed in order to avert the set of measures that has undermined the credibility of the Cypriot credit system and created turmoil across the world's markets.

He is also considered to be the target of criticism by Moscow for accepting the Eurogroup decision of last Saturday in favor of a haircut on all bank accounts.

Sarris denied reports that he had resigned, telling Reuters by text message there was "no truth" to the reports.

Sarris set off to Moscow on Tuesday afternoon to have talks with his Russian counterpart in the wake of the Eurogroup decision that will affect thousands of Russian depositors in Cypriot lenders.

His departure from the ministry will also be used to calm down public opinion in Cyprus.

The head of the Financial Committee of the Cypriot Parliament, Nikolas Papadopoulos, a Democratic Party (DIKO) deputy, asked on Monday for the replacement of Sarris in order for Brussels to get the message that Cyprus will not accept the bank account haircut, as well as to appease Moscow.

Athens News Agency cited a government source saying that "whoever must go and does not quit, will have to be sacked."