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Cyprus votes to create 'national solidarity fund'

Cyprus votes to create 'national solidarity fund'
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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.