NICOSIA - The House plenum last night voted against two coop bills requested by Cyprus’ international lenders in order to secure the disbursement of the €10 billion bailout agreement.
With bailout cash on the line the government was looking for a quick fix to rectify the situation.
However, a majority of MPs did pass 12 bills out of a total of 14 required for a green light to be given at a September 13 Eurogroup meeting for the island’s second tranche of €1.5 billion.
The rejected bills covered the supervision of the Cooperative Banks and its recapitalisation along with Hellenic Bank.
Supervision of the once autonomous coop network was to be transferred to the Central Bank.
Τhe two bills were narrowly rejected by 23 MPs as 21 were in favour while 12 MPs were absent from the 56-seat House.
Among the bills approved included a 10% additional levy on delayed payment of property transfer tax.
Motorists were also hit hard as road tax fees went up based on levels of CO2 emissions.
Under the new law, owners of vehicles up to 2050cc will be paying an additional €22 and cars with engines over 2050cc will pay extra €32.