Efforts continue to reach consensus on other key issues such as levies on bank deposits.
Cypriot President Nicos Anastasiades is to hold talks in Brussels with the EU before Cyprus’s parliament reconvenes.
Cyprus needs to raise 5.8 billion euros ($7.5 billion) to qualify for a 10 billion-euro bailout.
On Friday, the Cypriot parliament passed a total of nine bills, covering three main elements of the rescue plan including:
The bank levy issue may come before parliament later in the weekend. A levy, possibly of around 15%, on all deposits over 100,000 euros, has been suggested.
The “solidarity fund” would allow the pooling of state assets for an emergency bond issue, reports the Reuters news agency.
These include future gas revenues and some pension funds – an idea that German Chancellor Angela Merkel has strongly condemned.
Under the bank restructuring, Cyprus’ troubled lenders will be split into so-called good and bad banks.
Before the series of much-delayed votes in an emergency session of parliament, the European Union, Germany and leading bankers all urged MPs to speedily pass the reforms.
Eurozone finance ministers have called a meeting on Sunday to discuss the Cyprus crisis.
The European Central Bank has given Cyprus until Monday to raise the bailout money, or it says it will cut off funds to the banks, meaning they would collapse, possibly pushing the country out of the eurozone.
The EU has postponed next week’s summit to discuss free trade with Japan, so European leaders can concentrate on trying to solve the Cyprus crisis.
Cyprus banks have been closed since Monday and many businesses are only taking payment in cash.
LAAYVG7aHu4Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…
Millions of voters across the US chose to return Donald Trump to the White House…
Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…
Stocks around the world are rising as Donald Trump appears to be on the cusp…
Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…
Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…