Cyprus Parliament Approves Bailout

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Cyprus's parliament approved on Tuesday an EU bailout including provisions to impose substantial losses on bank depositors and wind down one of the island's biggest banks.

Bank Of Cyprus

Cyprus's parliament approved on Tuesday an EU bailout including provisions to impose substantial losses on bank depositors and wind down one of the island's biggest banks.

By a show of hands, 29 lawmakers approved ratification of the bailout bill and 27 opposed.

The government had warned that without approval the economy was in imminent danger of default. Cyprus is expected to get the first disbursement of a total of 10 billion euros (8.4 billion pounds) in aid from the European Union and the International Monetary Fund in May.

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