Cyprus lawmakers approve key bills for bailout

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Associated Press

Posted on March 22, 2013 at 6:03 PM

Updated Friday, Mar 22 at 10:33 PM

NICOSIA, Cyprus (AP) — Cyprus lawmakers have approved three key bills aiming to secure a broader bailout package and stave off imminent bankruptcy.

The bills passed late Friday include a key one on restructuring banks, a second on restricting financial transactions in times of crisis, and one setting up a 'solidarity fund.'

More bills to meet the total target of 5.8 billion euros Cyprus needs to raise to secure an international bailout will be brought for a vote over the weekend.

They include one that imposes a tax of less than 1 percent on all bank deposits, said deputy head of the governing DISY party Averof Neophytou.

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