Cyprus backs emergency fiscal measures, with bank deposit seizures still possible

Published March 22, 2013

| Associated Press

Cyprus lawmakers have approved three key bills aiming to secure a broader bailout package and stave off imminent bankruptcy.

The bills passed late Friday include a key one on restructuring banks, a second on restricting financial transactions in times of crisis, and one setting up a "solidarity fund."

More bills to meet the total target of 5.8 billion euros Cyprus needs to raise to secure an international bailout will be brought for a vote over the weekend.

They include one that imposes a tax of less than 1 percent on all bank deposits, said deputy head of the governing DISY party Averof Neophytou.