The parliament of Cyprus has voted for an amended privatization bill required by the country to keep its international bailout program on course.
After more than two hours of debate at the House of Representatives, 30 lawmakers in the 56-member parliament endorsed the bill, thereby averting a showdown with international lenders who have been demanding state selloffs as part of a 10-billion euro bailout.
The bill, which called for the privatization of the state-owned telecommunications company, the electricity company as well as the ports authority, was rejected by Cypriot lawmakers last week.
But, as a deadline for its approval on March 5 was looming to expire, lawmakers approved a guideline for asset sales to prevent the derailment of the bailout agreement with the European Union and International Monetary Fund in March 2013.
Pressing Refresh Notes:
No, you may not profit from your own resources. EVER! Not if we can help it. Same old story.