Cypriot Parliament Does Not Need To Vote On Bailout: German Finance Minister

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Cyprus' parliament will not need to approve a deal the country's government struck with international lenders on Monday for a 10 billion euro bailout, German Finance Minister Wolfgang Schaeuble said.

Cyprus' parliament will not need to approve a deal the country's government struck with international lenders on Monday for a 10 billion euro bailout, German Finance Minister Wolfgang Schaeuble said.

"The Commission informed us today that the necessary legislation to implement these points has already been passed," he told reporters after euro zone finance ministers approved the deal.

"Additional legislation would only have been necessary if a levy on uninsured deposits would have been raised but (not) for restructuring of the banks in question."

Schaeuble said legally Germany's lower house of parliament would not need to vote on the bailout at this stage but a vote could be held this week if legislators wanted it. He was confident the deal would get a majority in Bundestag.

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