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Cyprus bailout on track after foreclosure law passed

Workers takes down the sign of Laiki (Popular) Bank at one of the failed bank's branches in the Cypriot capital, Nicosia, on May 23, 2013Cyprus’s bailout agenda was back on track Saturday after parliament adopted a controversial and long-delayed foreclosure and insolvency package as demanded by the country’s international lenders. A delay in passing the insolvency framework, seen as a safety net for vulnerable groups against property repossessions, had prompted the opposition to suspend a foreclosures law passed last year. International lenders are now expected back on the island to proceed with the bailout funding process. The International Monetary Fund recently held back 86 million euro ($93 million) in bailout funds for Cyprus until the legislation was adopted.

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