Cyprus eyes 'least worst option'
By Bloomberg News
Published: Friday, March 22, 2013, 8:57 p.m.
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
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- North Korea purges Kim Jong Un’s powerful uncle
- South Korea ups air defense ante
- South Africans of all races, backgrounds pray for Mandela
- India’s governing party trounced in state elections
- Egypt strikes a perilous repose
- France bound by role in Africa
- Central African leader says he lacks control of ex-allies
- Iran presses ahead with uranium
- Bolshoi dancer sentenced to prison
- Mexico may open up oil production
- Protesters rip fences, Chevron’s plans