Cyprus: Crucial Vote on Savings Seizure Looms
(NICOSIA, Cyprus) — The Cypriot government was struggling Tuesday to gain parliamentary support for a plan to confiscate a part of people’s bank deposits, a deeply unpopular scheme that needs to be passed if the country is to qualify for an international bailout and avoid financial disaster. The government amended its initial proposal Tuesday morning to shield small savers from the plan, which aims to raise €5.8 billion ($7.5 billion) in return for €10 billion ($12.9 billion) from other eurozone countries and the International Monetary Fund. The total bailout money would go to prop up the country’s banks and public finances. But even the modification, which will allow those with up to €20,000 ($25,858) in the bank to escape the confiscation, opposition to the bill remained strong. Four parties and an independent deputy, accounting for 34 of the total 56 seats in Parliament have all said they recommend voting against the bill. The bill needs 29 votes to pass. If the bill is ...
United States: Infrastructure Alert - January 15, 2013 - Cozen O'Connor
The $50.7 billion Hurricane Sandy relief package is currently being debated in the House. Monday night, the Rules Committee approved 13 amendments for floor consideration.
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