German parliament approves 10bn euro rescue package for Cyprus

PanARMENIAN.Net - The German parliament has approved a 10 billion euros ($13 billion) rescue package for Cyprus by a wide margin, The Associated Press reported.

Lawmakers voted 487-102 on Thursday, April 18 in favor of the bailout deal hammered out last month. Thirteen abstained.

Cyprus will receive 10 billion euros in loans after its bloated banking sector threatened to destroy the economy.

Germany, Europe's biggest economy, insisted on those holding large deposits in Cyprus' biggest banks to contribute to the rescue. That position was shared by the German opposition.

All the rescue agreements involving euro countries need approval from the German parliament.

Although some in Chancellor Angela Merkel's center-right coalition are uneasy about bailouts, the main opposition parties so far have supported them.