Tuesday, April 30, 2013

Cyprus bailout scrapes through island's parliament

Cyprus's parliament approved an EU bailout on Tuesday which will force it to wind down its second-largest bank and impose heavy losses on uninsured depositors at another, conditions that have intensified calls from islanders to exit the euro.

With a razor-thin majority of just two votes, lawmakers approved terms accompanying 10 billion euros ($13.18 billion)in aid from the European Union and the International Monetary Fund (IMF).

In a show of hands, 29 lawmakers from the three parties in the center-right government approved the motion, with 27 voting against. .