He is hardly optimistic, but the head of the Popular Bank might well be understating the scale of the disaster in store for Cyprus.
Then again, it is his institution that brought this small European Union country to the brink of bankruptcy in the first place.
"It's going to be a situation for Cyprus that nobody has ever contemplated," says Michalis Sarris.
"A tough adjustment period for all of us, an extended period of no bank lending. Meanwhile, the real economy will remain unsupported and questions will be raised about the future of Cyprus as a financial centre."
And although Mr Sarris adds that "there is no sense in playing the blame game", his analysis of the latest of Europe's national financial crises implies others are at fault.
The Popular Bank's "bad decisions", as he calls them, amount to massive over-investment in Greek government bonds, especially as the Greek economy crashed and interest rates got progressively more tempting.
But ministers were wrong, he said, to write off the bad investments and not to give the money straight back to the bank as "recapitalisation".
And now, "if the government's fiscal situation was easier, then the task of helping the banks would have been much easier", he says.
In any case, the government did promise to save the Popular Bank by the end of June.
And with that deadline nearly upon it, an EU bailout seems increasingly likely. Coming on the heels of Spain's financial aid package, this has almost escaped international attention.
Good and bad friends