Lawmakers OK key bills needed for bailout deal
NICOSIA, Cyprus (AP) – Lawmakers in Cyprus approved three key bills Friday that aim to raise enough money to qualify the country for a broader bailout package and help it avoid financial ruin in mere days.
A total of nine bills were approved, including a key one on restructuring the country’s ailing banks, which lost billions on bad Greek debt; one on restricting financial transactions in times of crisis; and one that sets up a ‘solidarity fund’ into which investments and contributions will flow.
More bills to meet the total target of 5.8 billion euros ($7.5 billion) Cyprus needs to secure an international bailout will be brought for a vote over the weekend.
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