Menu
Facebook, Google, Microsoft, Twitter, and ADL Announce Lab to Engineer New Solutions to Stop Cyberhate

Facebook, Google, Microsoft, Twitte…

New York, NY -  Face...

ADL to Challenge Justice Department Religious Liberty Guidance Calls it a “Roadmap for Discrimination”

ADL to Challenge Justice Department…

New York, NY- - The Anti-...

JWV Welcomes Greater Accountability for VA Employees

JWV Welcomes Greater Accountability…

The Department of Veteran...

Alice and Nahum Lainer Family Foundation Donates Transformative Endowment Gift to Sinai Akiba Academy

Alice and Nahum Lainer Family Found…

Los Angeles, California -...

Swiss Town Returns Painting Looted during World War II

Swiss Town Returns Painting Looted …

Following a lengthy legal...

PM Netanyahu welcomes US President Trump’s decision regarding Iran

PM Netanyahu welcomes US President …

​PM Netanyahu: President ...

Alona Barkat: Israeli inspiration taking the soccer world by storm

Alona Barkat: Israeli inspiration t…

​Alona Barkat, an Israeli...

Israel Innovation Authority will launch the second biotech incubator

Israel Innovation Authority will la…

In light of the success o...

Israel and Senegal announce end to crisis

Israel and Senegal announce end to …

​Israel will immediately ...

Statements by PM Netanyahu and US President Donald Trump

Statements by PM Netanyahu and US P…

​PM Netanyahu: I want to ...

Prev Next
A+ A A-

Cyprus Approves International Bailout

 

Selah Hennessy


LONDON — The Cypriot parliament approved an international bailout Tuesday in a very close vote, with just over half of lawmakers voting in favor. The "yes" vote lines Cyprus up for a range of austerity measures.

Of 56 lawmakers, 29 voted in favor of the bailout and 27 voted against.

The approval secures a $13 billion loan from European nations and the International Monetary Fund. And, according to the Cypriot government, it saves the island from the threat of an imminent default on its debts.

Tuesday's vote comes after more than a month of haggling over the fate of Cypriot finances.

The deal that was eventually reached with international lenders makes Cyprus responsible for raising $17 billion. Spending cuts and tax hikes are in the pipeline. And the island has agreed to shut down its second largest bank and make major reforms to its largest. Depositors with over $130,000 in savings will incur major losses.

The deal has been deeply unpopular with many both inside Cyprus and overseas.

On Tuesday hundreds of protestors were outside parliament.

Haris Hadjipavlou, a citizens' group activist, voiced his anger at those lawmakers voting in favor of the deal.

"All the members of parliament, who are thieves, we want the police to arrest the thieves that are inside the house of parliament and not us," he said. "We are working people and that have been stolen of our money."

Antonis Antoniou, a civil aviation officer, was also at the protest. He said the deal would be detrimental for Cyprus.

"They steal our people's money and not only stealing, I mean destroying the whole country," he said.

The economy of Cyprus has been deeply impacted by the eurozone's now long-running economic woes, especially the economic crisis in Greece.

Without securing the international loan, Cyprus risked defaulting on its debt and potentially leaving the eurozone.

Its economy is officially forecast to shrink by 8.7 percent this year.

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

back to top
40% off 4 or more products. Enter code 40SPRING at checkout. Get a discount with a minimum purchase at PaulFredrick.com
Travel Deals to top Destinations. Get yours now

Sections

Jewish Traditions

About Us

Community

Cooperations

Follow Us