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Cyprus parliament adopts crucial foreclosure bill

Cypriot members of parliament attend a session in the capital, Nicosia on March 19, 2013The Cypriot parliament adopted Saturday a controversial bill to streamline bank foreclosures of bad debts, clearing the way for international lenders to release the next tranche of a 10 billion euro loan. The emergency vote came a day after a deadline set by the so-called troika of lenders, who bailed Cyprus out last year and had warned that the next tranche, 436 million euros ($565 million), would be withheld unless the bill was passed. The foreclosure bill was approved by a vote of 47-seven, with one abstention, in the 56-member House of Representatives. In a separate vote, MPs decided that the foreclosures bill will not come into effect until the government submits a separate bill on insolvencies, scheduled by the end of the year.

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