Cypriot lawmakers on Tuesday narrowly passed a critical bailout deal arranged by the European Union in a bid to offset the bloc's growing debt problem.
The deal passed with 29 votes in favor and 27 against, said Reuters. No one party has a majority in the Cypriot parliament.
The multibillion-dollar deal is supposed to stop Cyprus from going totally bankrupt, an event that would further endanger the euro.
European officials worked with the International Monetary Fund to draft the $30 billion arrangement, a deal that includes a loan of $13 billion.
The deal's acceptance in Cyprus is expected to lift listless European markets, even as unemployment in the region hits a record high.
International lenders were watching the vote in Cyprus closely after parliament rejected an EU-brokered plan last month, prompting banks to shut down for weeks amid increasing financial turmoil.
More from GlobalPost: Cyprus banks reopen under armed guard
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