Cyprus approves tough bailout deal

AFP-JIJI

The Cypriot Parliament narrowly approved Tuesday a controversial EU-IMF bailout deal after the government warned that a rejection would be “catastrophic” for the eastern Mediterranean island’s teetering economy.

The agreement with the “troika” of the European Commission, European Central Bank and International Monetary Fund was endorsed by a vote of 29-27, with no abstentions. It means that the virtually bankrupt government can hope to receive a first tranche of the €10 billion ($13.1 billion) loan in May.