Cypriot Lawmakers Narrowly OK’s Bailout



cyprus handsThe Cypriot Parliament, by the slimmest of margins, 29-27, gave approval on April 30 to an international bailout package that critics said will condemn the island country to years of hardship, recession and unemployment – but which the government said would save it from bankruptcy and chaos.

President Nicos Anastasiades’ ruling center-right Democratic Rally party and its lone ally, the Democratic Party, had half the 56 seats in Parliament and needed the deciding vote from right-wing European Party leader Demetris Syllouris to swing the tide.

The Troika of the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) said it would put up 10 billion euros ($13 billion) but only if the government raised another 13 billion euros ($17 billion) through big confiscations of bank accounts and austerity measures.

“If there was another realistic alternative, our decision would surely be different. Unfortunately, we have no other choice,” said Democratic party leader Marios Garoyian.

The Communist AKEL and Socialist EDEK parties voted against the deal they said undermines the country’s sovereignty and would lead to social hardships. “Our vote cannot be positive to the prospect of national, state and economic subjugation,” said Parliamentary Speaker and EDEK leader Yiannakis Omirou.

The government had warned the agreement’s rejection will mean the country’s economic collapse and possible exit from the euro, which is used by 17 European Union countries.

Anastasiades had earlier appealed to lawmakers to act with the national interest in mind. “What we’re called upon today to do is to adopt a loan agreement that will allow our country to breathe and to give us the chance to overcome whichever problems we’re facing amid this crisis,” Anastasiades told reporters.


15 COMMENTS

  1. 29 prodotes.

    CYPRUS LAWMAKERS APPROVE BAILOUT IN PARLIAMENTARY VOTE WITH 29 VOTES IN FAVOR, 27 AGAINST

    And with that, the resulting depression that is about to be unleashed in Cyprus is nobody else’s fault but of the country itself, its politicians and ultimately, its people. So dear Cyprus, you may have a 20% GDP drop every year for the foreseeable future and triple digit unemployment, but at least you will have the EUR and your Stockholm Serf Syndrome. The country is obviously full of compliant sheep more than willing to bow down to their fascist overlords at the ECB, EU, Germany, and Wall St. Give up your sovereignty and your masters will take care of you.

  2. Seems that none of the Greeks in Greece or Cyprus have the guts to say no to anything imposed on them. Dont they realise Brussels is scared s##tless that if these two governments said NO it could be the end of the damned Euro, that is why they have given Greece SO much of the EUs taxpayers money. Cyprus will now follow Greece with suicides, massive unemployment, failed businesses, cuts to just about everything, tax increases, new taxes introduced & thousands below the poverty line & for what? To save the Brussels politicians from looking stupid for launching the Euro without realising the pitfalls, that is, until it was too late

  3. Tax payers have given Greece nothing, the money is a loan which was borrowed by Germany at 1.5% interest and is repaid by Greece at 5% as would be expected in any loan transaction. Nor is the majority of the loan seen by Greece or the Greeks, it is recycled straight back to repay over extended German and French banks. In effect, the loans are designed to be just another bank bailout, although one with fancy wrapping to fool the tax payer into believing all sorts of nonsense.

  4. As you yourself aren’t Greek Alex, it is hardly your place to question anyones reasons for commenting here.

  5. Or so say using all your other handles choralife.

    Remind the actual Greeks here why it is you never criticize Skopians trolling this website?

  6. I think its funny you calling others “silly” when your manipulative handleswap is so obvious worldarts. I especially love how Choralife pretends not to notice.

    So what’s up with all the handleswapping worldarts? I thought you were against corruption and lying?

  7. I claim to love my country — then go on to support Skopians and treasonous communist party Syriza.

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