facebook
twitter
rss
account
search
search
 

Cyprus agrees to accept bailout

April 30, 2013 at 2:29 PM   |   Comments

NICOSIA, Cyprus, April 30 (UPI) -- Lawmakers in Cyprus agreed by a narrow margin to accept a $13 billion international bailout loan.

The vote, which came to 29 for and 27 against, will allow for international aid for Cyprus provided by the eurozone community and the International Monetary Fund.

The first installment of the loan will arrive in May.

The terms of the deal include tough austerity budgeting measures that add up to $17 billion, which will come from a combination of government spending cuts and tax increases, The Wall Street Journal reported Tuesday.

Uninsured bank depositors are also slated to take losses, as the deal includes unwinding the country's second largest bank, Cyprus Popular Bank PCL and restructuring at the country's largest bank, the Bank of Cyprus.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
U.S. Air Force orders more RQ-4 Global Hawks U.S. Air Force orders more RQ-4 Global Hawks
2
Talon rocket in full-rate production for UAE Talon rocket in full-rate production for UAE
3
EU, Kiev, Moscow gas talks suspended EU, Kiev, Moscow gas talks suspended
4
Students hurt in high school lab fire Students hurt in high school lab fire
5
Hotel chain suspending sponsorship of Minnesota Vikings Hotel chain suspending sponsorship of Minnesota Vikings
Trending News
Video
x
Feedback