Cyprus parliament approves EU bailout deal

GlobalPost

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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