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Cypriot 'Solidarity Fund' Allows Capital Controls

Cyprus, Cyprus ATM Line


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.

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.