Cyprus' parliament approves EU bailout

FXstreet.com (San Francisco) - The Cypriot parliament has ratified the agreement with the European Union to bailout the country. The initiative has been approved by 29 votes in favor against 27 opposed. The law includes the provision to impose losses on bank depositors, the ability to decree more extraordinary levies.

Cyprus will get the first tranche of the bailout, €10 Bn, from the European Union and the IMF in May.