Cyprus OKs Bailout Fund, Still $4B Short
Parliament passes last-minute measures
By Neal Colgrass,  Newser Staff
Posted Mar 22, 2013 4:37 PM CDT
Supporters of the far-right party Golden Dawn hold up flares and a sign that reads in Greek ''No to the anti-Greek policy of Germany'' during a protest in Athens on Friday, March 22, 2013.   (AP Photo/Thanassis Stavrakis)

(Newser) – Facing a Monday deadline, lawmakers in Cyprus approved two crisis maneuvers to quell its banking crisis and renew confidence across the eurozone, the BBC reports. The moves: passing a "national solidarity fund," and approving capital controls to protect the island's banks from a catastrophic run. This should raise about $5.8 billion of the $10 billion needed to qualify for a bailout. But parliament still hasn't decided whether to place a levy on big bank deposits. If MPs find no solution by Monday, the European Central Bank warns it will no longer transfer money to the nation's struggling banks.

 

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