Cyprus MPs pass bills on capital movement, investment fund

The Cypriot parliament passed bills Friday to entitle the government to restrict withdrawal of funds from bank accounts in exceptional cases and to establish a “solidarity fund.”

The legislation is aimed at finding a way for the island nation to secure a 10 billion euro ($13 billion) loan from the European Union (EU) and the International Monetary Fund (IMF). Cyprus has to find 5.8 billion euros ($7.5 billion) to receive the bailout package.

In line with another bill approved Friday, the country’s troubled lenders are to be divided into “good” and “bad” banks, RIA Novosti reports.

Cypriot President Nicos Anastasiades and party leaders are due in Brussels for last-ditch talks on how to secure crucial EU funding.


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