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22 Mar 2013

Cypriot parliament passes solidarity and capital control bills; Levy to be voted on Saturday

FXstreet.com (San Francisco) - The Cyprus' parliament has approved bills on solidarity fund and capital control late on Friday. The parliament will meet on Saturday to vote the deposit-tax levy measure.

The capital control new law will provide government with powers to impose control on banks, create solidarity fund to pool state assets.

Meanwhile, Cypriot president Nicos Anastasiades, and party leaders, will go to Brussels on Saturday with a credible solution. The plan B must be ready for Sunday afternoon to the new eurogroup finance ministers.

According to sources, Cyprus is working to avoid being the “Argentina of the Mediterranean”

Mar 22, 2013

Cypriot Parliament approves bills on solidarity fund and capital control

Update: Cyprus approves all 9 bills on bank resolution as 1st step for EU bailout

The Cypriot parliament has approved all 9 bills on the bank resolution required to allow the European Union's bailout. Among others, Cyprus passed solidarity, wealth fund and capital control.