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| Cyprus MPs back 'solidarity fund' to ease bank crisis | Cyprus MPs back 'solidarity fund' to ease bank crisis |
| (30 minutes later) | |
| Parliament in Cyprus has approved a "national solidarity fund" to ease the banking crisis, which has hit confidence across the eurozone. | Parliament in Cyprus has approved a "national solidarity fund" to ease the banking crisis, which has hit confidence across the eurozone. |
| MPs also imposed capital controls to prevent a run on the island's troubled banks. | |
| These are the first of a series of laws intended to raise the 5.8bn euros (£4.9bn; $7.5bn) Cyprus needs to qualify for a 10bn-euro bailout. | |
| MPs are still to decide whether to impose a levy on large bank deposits. | |
| The fund would allow the pooling of state assets for an emergency bond issue, reports the Reuters news agency. | The fund would allow the pooling of state assets for an emergency bond issue, reports the Reuters news agency. |
| Parliament on Tuesday rejected a levy on all deposits to raise the money. | |
| Before the series of votes, the European Union, Germany and leading bankers all urged MPs to speedily pass the reforms. | |
| The European Central Bank has given Cyprus until Monday to find a solution, or it says it will stop transferring money to its undercapitalised banks. | |
| Banks on the island have been closed since Monday and many businesses are only taking payment in cash. | |
| There were protests outside parliament on Friday. |