MPs approve vital measures to keep Cyprus afloat

Source: EuroNews

NICOSIA -- Cypriot MPs have voted to create a “national solidarity fund”, to restructure banks and give the government power to impose controls to prevent a bank run.

(Beta/AP)

The late night emergency session approved the measures in a dramatic bid to avoid an imminent financial meltdown.
The lawmakers are working to a Monday deadline.

“At this difficult time there are no easy solutions of course, there are no painless solutions. At this moment of a call to arms, the Socialist Party will play its role,” rallied Socialist Party member Nikos Nikolaou.

While the voting was going on protesters called for the EU-led troika of international lenders to get out of Cyprus.

The island has been told to raise nearly EUR 6bn to qualify for a EUR 10bn bailout.

The one measure which triggered the crisis – the rejection of a controversial tax on bank savings – could be back on table in a modified form this weekend.