Cyprus bailout: MPs pass first parts of bailout deal as deadline looms
NICOSIA (AFP) - Cyprus was a step closer to meeting a Monday deadline to rescue an EU bailout after parliament, in a late-night session, backed the first three of eight measures advanced by the government.
But with the clock ticking down to a crunch Sunday meeting with euro zone finance ministers, MPs still had to debate more contentious issues, including a tax of up to 15 per cent on bank deposits of €100,000 (S$163,180) and more.
On Tuesday, MPs had flatly rejected the levy when it was presented in slightly different form.
On Friday, however, they backed a national solidarity fund to be set up through the nationalisation of public and private sector pensions.