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                  Cyprus President Talks with EU about Bailout

   Cyprus President Nicos Anastasiades travels to Brussels Saturday for
   talks with European Union leaders and the International Monetary Fund
   about measures aimed at avoiding bankruptcy for the cash-strapped
   island.
   On Friday, Cypriot lawmakers approved several bills targeted at raising
   enough money to qualify the indebted nation for an international
   bailout.
   Cyprus has to raise $7.5 billion by next week in order to secure a
   bailout of about $13 billion needed to shore up its financial system.
   Measures adopted late Friday include imposing a tax of less than 1
   percent on all bank deposits and a higher tax on larger deposits. The
   new legislation also requires restructuring of Cyprus` key lending
   banks.
   If the proposal is rejected, Cyprus` banks could collapse by next week,
   pushing the country toward bankruptcy and a potential exit from the
   17-member eurozone.
   Much of the bailout money would refund the country`s banks hurt by bad
   investments in Greek government bonds.
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   [1]http://www.voanews.com/content/cyprus-president-talks-with-eu-about-
   bailout/1627111.html

References

   1. http://www.voanews.com/content/cyprus-president-talks-with-eu-about-bailout/1627111.html