Cyprus lawmakers reject key term for EU/IMF bailout

[Bosonic]

Source: BBC

Cypriot MPs have rejected legislation demanded by international creditors in return for the second instalment of a 10bn-euro (£8.7bn) EU/IMF bailout.

Lawmakers voted 23 to 21 against two bills bringing co-operative banks under the central bank's direct supervision.

Cyprus has already received 3bn euros as part of the deal agreed in March.

The island has been in financial difficulties since the collapse of the Greek economy, where Cypriot banks had huge investments.

Read more: http://www.bbc.co.uk/news/world-europe-23981884

[another_liberal]

1. Good for Cyprus!

The mega-bankers already own too much of our World.

[dipsydoodle]

2. They voted for it later on.

Cyprus parliament approves bailout condition.

The parliament of Cyprus approved key legislation bringing its cooperative banks under the direct supervision of the central bank, narrowly avoiding a rejection which would have placed a 10 billion euro bailout programme in jeopardy.

In a marathon voting session which began on Thursday and ended Friday morning, legislators agreed to a clause enabling co-op banks to receive 1.5 bn euros ($1.97 bn) in bailout money.

In exchange for the cash support, the government would take ownership of nearly all of the cooperative banks' shares.

"Despite the problems of the political system and the mistakes and omissions of us all, politicians have demonstrated the responsibility that led to an agreement for the sake of what's best for our country," Averof Neophytou, leader of the ruling, center-right DISY party told parliament.

http://www.aljazeera.com/news/europe/2013/09/2013964446820346.html