Cyprus' Parliament narrowly approves European bailout

NICOSIA (REUTERS) - Cyprus's Parliament approved on Tuesday a European Union bailout, including provisions to impose substantial losses on bank depositors and wind down one of the island's biggest banks.

By a show of hands, 29 lawmakers approved ratification of the bailout Bill and 27 opposed. The government had warned that without approval the economy was in imminent danger of default.

Cyprus is expected to get the first disbursement of a total of 10 billion euros (S$16.15 billion) in aid from the EU and the International Monetary Fund in May.