March 22, 2013 / 9:57 PM / 7 years ago

Cyprus adopts bank bill to split good and bad assets

NICOSIA, March 22 (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.

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