Cypriot Cabinet Approves Legislation to Support Banks, CyBC Says

Cyprus’s cabinet has approved draft legislation to support the country’s financial institutions at an extraordinary meeting today, state radio CyBC reported, without saying how it got the information.

The legislation, which allows the state to underwrite shares issued to support Cypriot financial institutions, will be debated in parliament today under a fast-track procedure, Nicosia-based CyBC said.

To contact the reporter on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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