Cyprus parliament approves bailout legislation

FXstreet.com (Barcelona) - On Friday, after an overnight marathon session the Cyprus parliament passed two bills on the restructuring of the banking sector, required by the international lenders in exchange for the first 1.5 billion euro tranche of the 10 billion aid package.

Initially, after approving 12 other bailout bills, the Cypriot lawmakers rejected two pieces of legislation regarding the structure of the country's cooperative and commercial banks. The MPs returned to parliament after midnight however, under pressure from Finance Minister Haris Georgiades, and this time voted in favor of the bills.