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Cyprus Set to Debate Bailout Bill as ECB Deadline Looms

Cypriot lawmakers begin debate today on legislation to unlock bailout funds and prevent a financial collapse with a European Central Bank deadline to cut off funding for its lenders in three days.

Euro-area finance ministers expect a proposal from Cyprus “as rapidly as possible” to raise the 5.8 billion euros ($7.5 billion) needed to trigger the emergency loans, they said in a statement late yesterday after meeting in a teleconference. The euro fell after Cyprus Finance Minister Michael Sarris said the nation didn’t get the financial support it sought from Russia.