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Cyprus MPs approve bank split

Δημοσίευση 23 Μαρτίου 2013, 14:12 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Cyprus MPs approve bank split
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Cyprus adopted legislation on Friday allowing the government to split the island's failing lenders into good and bad banks as it races to clinch a bailout from the European Union and avert a financial meltdown.

Cyprus adopted legislation on Friday allowing the government to split the island's failing lenders into good and bad banks as it races to clinch a bailout from the European Union and avert a financial meltdown.

Officials say the law is likely to be applied first to Cyprus's second largest lender, Cyprus Popular Bank (Laiki), to restructure it without hurting small depositors.

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