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Saturday, March 23, 2013

Cyprus lawmakers approve key bills for bailout





A total nine bills were approved, including a key one on restructuring the country's ailing banks, which lost billions on bad Greek debt; a second on restricting financial transactions in times of crisis; and one that sets up a 'solidarity fund' into which investments and contributions will flow.

The country faces a pressing Monday deadline, when the European Central Bank has said it will stop providing emergency funding to the country's banks if a new plan is not in place.


READ THE ORIGINAL POST AT www.sfgate.com