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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

(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. (Read more Cyprus stories.)

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