Cyprus Parliament Approves Bailout Conditions

In a narrow vote


The island nation of Cyprus is receiving a 10 billion euro bailout from the International Monetary Fund and the European Commission.

In exchange for the money, the government agreed to restructure cooperative banks and place them under the direct supervision of the nation's central bank.

In an early vote, the the left-wing parties of the parliament narrowly rejected the measure, as they oppose any bailout conditions. However, a second vote approved the decision.