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Cyprus lawmakers approve key bills aiming to secure broader bailout package

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Protestors hold Cyprus\' flags during a rally outside the parliament in capital Nicosia, Cyprus, Friday, March 22, 2013. Cypriot authorities were putting the final touches Friday to a plan they hope will convince international lenders to provide the money the country urgently needed to avoid bankruptcy within days. “The next few hours will determine the future of this country,” said government spokesman Christos Stylianides. (AP Photo/Petros Karadjias)

NICOSIA, Cyprus – Cyprus lawmakers have approved three key bills aiming to secure a broader bailout package and stave off imminent bankruptcy.

The bills passed late Friday include a key one on restructuring banks, a second on restricting financial transactions in times of crisis, and one setting up a ‘solidarity fund.’

More bills to meet the total target of 5.8 billion euros Cyprus needs to raise to secure an international bailout will be brought for a vote over the weekend.

They include one that imposes a tax of less than 1 per cent on all bank deposits, said deputy head of the governing DISY party Averof Neophytou.

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