Cyprus parliament approves privatization plans in majority vote

Reuters News
Posted: Mar 04, 2014 7:50 AM

NICOSIA (Reuters) - Cyprus's parliament approved a roadmap for privatizations on Tuesday, averting a showdown with international lenders insisting on state selloffs as part of a 10 billion euro ($13.77 billion) bailout.

In a show of hands, 30 lawmakers in the 56-member parliament endorsed a guideline for asset sales just before a deadline for approval expired on March 5.

Parliament's rejection of an earlier privatization motion on February 27 risked derailing the bailout accord brokered with the European Union and International Monetary Fund in March 2013. ($1 = 0.7260 euros)

(Reporting by Michele Kambas; Editing by Mark Heinrich)