Cyprus eyes 'least worst option'
Lawmakers in Cyprus approved three key bills late Friday as they scrambled to raise enough money to qualify the country for a broader bailout package and help it avoid financial ruin in mere days.
The parliament passed nine bills after a day locked in talks between Cypriot and international officials in Nicosia. Lawmakers may vote on Saturday on what sort of levy to impose on bank deposits above 100,000 euros ($130,000), four days after rejecting an initial proposal to tax all accounts. Banks have been shut all week and are scheduled to reopen on Tuesday.
The European Central Bank has imposed a Monday deadline on Cyprus to come up with proposals that will satisfy international creditors or face the risk of losing access to all emergency funds.
“We are voting for the least worst option,” Averof Neophytou, deputy head of the governing DISY party, said in a speech.
Cyprus' president, Nicos Anastasiades, will travel to Brussels on Saturday to present the revised package to the country's prospective creditors, its fellow countries that use the euro currency and the International Monetary Fund. There has been no indication yet that they will accept it.
Show commenting policy
TribLive commenting policy
- Co-pilot in Germanwings Alps crash treated for suicidal tendencies
- ‘Substantial’ roadblocks remain as nuclear talks with Iran go down to wire
- Airstrike hits aid camp for displaced in Yemen, kills dozens
- Iran blames U.S. drone for killing military advisers in Iraq
- Leaders wary of vote-rigging in Nigeria
- Antarctica yields life in extremest of conditions, so what about on another planet?
- Iran poses top threat to Mideast stability, Israeli consul general says
- Plane crash kills 150 people in French Alps
- Boko Haram kills dozens, prevents hundreds voting in Nigeria
- Germanwings flight co-pilot Lubitz worried about job security, officials say
- White House says it can’t ‘simply pretend’ Netanyahu remarks weren’t made