Friday Feb 17, 201204:30 PM GMT
Greek minister tenders resignation over antiquity theft
Greek Culture Minister Pavlos Geroulanos
Fri Feb 17, 2012 4:29PM
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Greek Culture Minister Pavlos Geroulanos has announced his resignation following the theft of dozens of ancient objects with "incalculable" value from a museum.

Geroulanos resigned on Friday after masked armed robbers stole 68 ancient artifacts from a museum in southern Greece’s town of Olympia, dedicated to the ancient Olympic Games.

A gold ring was reportedly among the bronze and clay objects stolen from the former hotel in the ancient district of Elis.

The incident took place as all the museum’s staff except a female guard, were on strike.

The country’s Culture ministry as well as most other state departments, have experienced heavy spending cuts over the past years.

The austerity measures are being imposed to secure a bailout worth 130 billion from the European Union, International Monetary Fund, and the European Central Bank.

Greece has the highest debt burden in proportion to the size of its economy in the 17-nation eurozone. Despite austerity cuts and the bailout funds, the country has been in recession since 2009.

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