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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Showing 3 of 12 comments
RidersOnTheStorm
Mar 23, 2013 2:08 PM CDT
http://www.flickr.com/photos/expd/8563191294/lightbox/ hat tip to William Banzai
ren1999
Mar 23, 2013 11:40 AM CDT
Gangsters or no gangsters, the Cypress bank is making it legal to steal a percentage of ordinary people's savings to cover their bad investments in Greece. The people did not invest, the government did. And the government is stealing the money of the people to cover their bets. This is a very dangerous precedent.
BCS
Mar 23, 2013 8:22 AM CDT
Time to arrest the bankers responsible for creating this worldwide false debt. Put them in solitary for the rest of their lives and let it be done. These are major crimes against humanity. The people did not cause this debt. This whole thing is and epic scam designed to enslave humanity to the will of the money handlers. A handful can't not be allowed to destroy and burden the lives of 7 billion.