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Parliament in Cyprus passes international bailout deal | Parliament in Cyprus passes international bailout deal |
(about 17 hours later) | |
Parliament in Cyprus has approved the country's international bailout after warnings that the alternative would be financial collapse. | Parliament in Cyprus has approved the country's international bailout after warnings that the alternative would be financial collapse. |
MPs voted through the loan package by 29 votes to 27. | MPs voted through the loan package by 29 votes to 27. |
The tiny eurozone state secured a loan package worth 10bn euros (£8.4; $13bn) from its EU partners and the International Monetary Fund. | The tiny eurozone state secured a loan package worth 10bn euros (£8.4; $13bn) from its EU partners and the International Monetary Fund. |
In return it must raise 13bn euros, largely through banking reform. | |
An early proposal to raise money through a levy on all bank deposits was quickly withdrawn. | An early proposal to raise money through a levy on all bank deposits was quickly withdrawn. |
But anger has continued smouldering. Under the bailout, depositors will be forced to take major losses on savings over 100,000 euros, and capital controls were imposed in March. | But anger has continued smouldering. Under the bailout, depositors will be forced to take major losses on savings over 100,000 euros, and capital controls were imposed in March. |
The Cypriot financial crisis developed because of its exposure to Greece's economic problems. | The Cypriot financial crisis developed because of its exposure to Greece's economic problems. |
'Enslavement deal' | 'Enslavement deal' |
No single party had a majority in the 56-member parliament but the three-party, centre-right coalition in power had 30 seats in total - one more than needed to pass the bailout. | No single party had a majority in the 56-member parliament but the three-party, centre-right coalition in power had 30 seats in total - one more than needed to pass the bailout. |
President Nicos Anastasiades had appealed to lawmakers to act with the national interest in mind. | President Nicos Anastasiades had appealed to lawmakers to act with the national interest in mind. |
"What we're called upon today to do is to adopt a loan agreement that will allow our country to breathe and to give us the chance to overcome whichever problems we're facing amid this crisis," he told reporters. | "What we're called upon today to do is to adopt a loan agreement that will allow our country to breathe and to give us the chance to overcome whichever problems we're facing amid this crisis," he told reporters. |
Government spokesman Christos Stylianides told state radio: "We have had enough of delusions. | Government spokesman Christos Stylianides told state radio: "We have had enough of delusions. |
"We don't have another choice. Whoever has one should tell us what it is." | "We don't have another choice. Whoever has one should tell us what it is." |
But George Perdikis, an MP for the Greens party, said before the vote: "A 'yes' from Cyprus's parliament is by far the biggest defeat in our 8,000-year history. | But George Perdikis, an MP for the Greens party, said before the vote: "A 'yes' from Cyprus's parliament is by far the biggest defeat in our 8,000-year history. |
"Its democratically elected representatives have a gun to their head to agree to a deal of enslavement." | "Its democratically elected representatives have a gun to their head to agree to a deal of enslavement." |
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