Cyprus OKs 'Solidarity Fund'

Investor's Business Daily
March 2013
Investors Business Daily;3/25/2013, pA01
2 Despite eurozone opposition to seizing assets, Cypriot lawmakers approved a "solidarity fund" backed by pension funds and land as part of a package of bills to restructure the nation's outsized banks. Cyprus must come up with 5.8 bil euros to get a 10 bil euro int'l rescue by Mon.'s deadline. Lawmakers also are mulling some bank deposit tax, an idea they rejected Tue. They also approved capital controls.


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