BREAKING NEWS

BREAKING NEWS

Cyprus votes to create 'national solidarity fund'

Now Reading:

Cyprus votes to create 'national solidarity fund'

Cyprus votes to create 'national solidarity fund'
Text size Aa Aa

The Cypriot parliament has voted to create ‘national solidarity fund’ to pool state assets – as it races to find a way to raise 5.8 billion euros to secure an international bailout.

The MPs have also agreed to give the government the power to impose capital controls to prevent a run on the country’s troubled banks.

These are the first of a series of laws intended to raise the cash, which Cyprus needs to qualify for a 10 billion euro rescue package from the EU, the IMF and the European Central Bank.