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Greek Devaluation

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  1. Greece Bailout
  2. Euro Breakup
  3. Greek Crisis
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  5. G8 Summit
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Cyprus bailout scrapes through island's parliament

Cyprus's parliament approved an EU bailout on Tuesday which will force it to wind down its second-largest bank and impose heavy losses on uninsured depositors at another, conditions that have intensified calls from islanders to exit the euro.With a razor-thin majority of just two votes, lawmakers approved terms accompanying 10 billion euros ($13.18 billion)in aid from the European Union and the International Monetary Fund (IMF).In a show of hands, 29 lawmakers from the three parties in the center-right government approved the motion, with 27 voting against. .Government officials had warned the island would fall into chaotic default, unable to pay salaries or pensions, as early as next month without emergency funding."Unfortunately the (bailout) is a one-way street for us. It will avert disorderly default and gives, albeit with many hurdles, some prospect of getting us out of the storm," said Averof Neophytou, head of the governing right-wing Democratic Rally party.The bailout was unlik...

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