Update: Cyprus approves all 9 bills on bank resolution as 1st step for EU bailout

FXstreet.com (San Francisco) - The Cypriot parliament has approved all 9 bills on the bank resolution required to allow the European Union's bailout. Among others, Cyprus passed solidarity, wealth fund and capital control.

In this line, Cyprus adopts the law that will allow their to split banks in good or bad banks in failing lenders.

The capital control new law will provide government with powers to impose control on banks, create solidarity fund to pool state assets. The parliament will meet on Saturday to vote the deposit-tax levy measure.

Meanwhile, Cypriot president Nicos Anastasiades, and party leaders, will go to Brussels on Saturday with a credible solution. The plan B must be ready for Sunday afternoon to the new eurogroup finance ministers.

According to sources, Cyprus is working to avoid being the “Argentina of the Mediterranean”

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