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Int'l Cyprus Bailout Efforts Thrown Into Doubt As Privatisation Bill

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  • Int'l Cyprus Bailout Efforts Thrown Into Doubt As Privatisation Bill

    INT'L CYPRUS BAILOUT EFFORTS THROWN INTO DOUBT AS PRIVATISATION BILL FAILS

    February 28, 2014 - 15:53 AMT

    PanARMENIAN.Net - International efforts to bail out Cyprus' debt-laden
    economy have been thrown into doubt after its parliament rejected a
    key part of the plan, BBC News reported.

    As part of the 10bn-euro ($13.7bn) deal with the EU and International
    Monetary Fund, lawmakers have until 5 March to pass a bill allowing
    state firms to be privatised.

    But on Thursday, Feb 27 they threw it out, jeopardising the next
    tranche of cash.

    The government says it will re-submit the bill with some amendments.

    The deal was agreed in March last year in an attempt to stave off
    the collapse of Cyprus's banking sector and the wider economy.

    It included moves to restructure the banks, along with other measures
    such as tax rises and privatisations.

    Late on Thursday, the privatisation bill was narrowly defeated after
    parliament split 25-25 on the vote, with five abstentions. This meant
    the legislation failed to pass.

    The vote took place as hundreds of people opposed to privatisation
    staged a protest outside the parliament building.

    A government spokesman, Christos Stylanides, said the bill would be
    amended to reflect concerns over workers' rights after privatisation.

    He said the new version would be submitted to the House of
    Representatives on Friday.

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