Cyprus parliament readies for bailout vote

Tuesday, April 30th, 2013 | Finance News

NICOSIA, Cyprus (AP) — Cyprus' lawmakers are voting on a multi-billion bailout agreement aimed at preventing the country from going bankrupt.

The 56-seat parliament is expected later Tuesday to narrowly approve the 23 billion euros ($30 billion) deal that the country struck with its euro partners and the International Monetary Fund last month.

The government has warned the agreement's rejection will mean the country's economic collapse and possible exit from the euro, used by 17 European Union countries.

Anger still lingers over the deal's terms which include forcing large depositors to take major losses on their savings in the country's two biggest lenders. The communist AKEL and socialist EDEK parties said they will vote against.

Germany's parliament has already signed off on the accord and Cypriot lawmakers have already approved most of its terms.

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