NICOSIA (Reuters) - Cyprus adopted legislation on Friday 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.
Officials say the law is likely to be applied first to Cyprus's second largest lender, Cyprus Popular Bank, to restructure it without hurting small depositors.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
