March 23 - Cyprus adopts legislation allowing the government to split the island's failing lenders into good and bad banks as it races to clinch a bailout from the European Union and avert a financial meltdown. Sarah Charlton reports.
Protesters gather outside parliament in Cyprus, as the government races to avoid financial meltdown. Social unrest is growing as officials struggle to approve a deal for a 10 billion euro ($13.00 billion) bailout from the European Union. On Friday (March 22), parliament adopted legislation to allow failing lenders to be split into good and bad banks. Lawmakers also voted to nationalise pension funds and pool state assets for a bond issue. Officials say a deal is imminent to raise enough money for the E.U. bailout, which could include some kind of levy on bank deposits. The government has until Monday (March 25) to raise 5.8 billion euros and prevent bankruptcy.