REUTERS

(REUTERS)

Cypriot 'Solidarity Fund' Allows Capital Controls

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Cyprus's parliament adopted laws on Friday creating a "solidarity fund" to pool state assets as the basis for an emergency bond issue and giving the government the power to impose capital controls on banks.

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The steps were part of a package of measures to satisfy international lenders as the island races to clinch a 10 billion euro ($13.00 billion) bailout from the European Union and avert bankruptcy.