Cyprus passes foreclosures bill, opening access to ECB's QE programme

April 18, 2015 4:02 PM

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NICOSIA, April 18 (Reuters) - Lawmakers in Cyprus on Saturday approved legislation governing foreclosures, paving the way for the bailed-out island to join the European Central Bank's sovereign bond-buying programme.

In a majority vote, the Cypriot parliament approved an insolvency framework for private debtors, ending a months-long standoff with the government over dealing with non-performing loans that are among the highest in Europe.

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