The Cypriot parliament has given its approval to a "solidarity fund" hammered out by the government in a desperate bid to rescue an EU bailout by a Monday deadline. The measures will pool state assets.
On Friday evening, members of parliament voted in favor of a national solidarity fund to be set up through the nationalization of public and private sector pensions and of capital controls.
The measures are an attempt to prevent a run on the island's troubled banks when they are finally due to open on Tuesday after a break of over a week.
The votes followed prolonged talks between party leaders on the package aimed at raising 5.8 billion euros ($7.5 billion) to unlock EU-IMF loans worth 10 billion euros.
The original plan to raise the money, announced almost a year ago, would have seen Cyprus raise the funds through a levy on people's bank accounts. However, this was met with angry protests on the island and elicited an angry response from Moscow, presumably in part because many wealthy Russians have bank accounts in Cyprus.
Since then, Cyprus has been working on its Plan B, part of which was meant to be the ill-fated loan from Russia.
More contentious measures remain to be debated including a tax of up to 15 percent on bank deposits of 100,000 euros ($129,000) and more, a levy that - in a slightly different form - was rejected by MPs on Tuesday.
hc/rc (Reuters, AFP)
It was a wild final day of the 2012-13 Bundesliga season as the battle for the last European spots and the fight against relegation were both decided in the final minutes. The biggest winners on the day were Schalke.
With the Bundesliga's final matches of the season about to be played, there's still plenty up in the air. Freiburg and Schalke duel for the last Champions League spot while three sides at the bottom fight for survival.