Harris Georgiades has been appointed as the new finance minister of Cyprus.
He has replaced Michael Sarris who resigned on April 2 as a formal investigation into the events leading to the country’s 10 billion euro bailout began.
Georgaides must now get to grips with the country’s economic woes.
“We face a huge responsibility,” he said “The people expects a lot from us and we will do our best to save our country and overcome this crisis”.
Meanwhile anti-bailout protests continue on the Mediterranean Island.
On Tuesday night members of the “Wake up Cyprus” movement blocked traffic and burned an EU flag along with images of the German Chancellor, Angela Merkel, in front of the parliament building.
Cypriots face a great deal of economic pain in the coming months with conditions not set to improve until well into 2014.