Cyprus bailout jeopardized by parliament vote against privatization plan

Cyprus’ parliament rejected a key part of the country’s bailout plan.

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

On Thursday, the lawmakers threw it out, jeopardizing the next tranche of cash.

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

Cyprus’ parliament rejected a key part of the country’s bailout plan

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 privatizations.

Late on Thursday, the privatization 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 privatization 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 privatization.

The new version of the bill would be submitted to the House of Representatives on Friday.

yaAiMXlw0Vg
Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

5 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago