Cypriot lawmakers have a “few hours” to save their country, government spokesman Christos Stylianides said on Friday.
“In a few hours we will be called upon to take the big decisions and reply to the hard dilemmas,” he said in a brief statement that did not go into the specifics.
“The House of Representatives will soon be called upon to take the big decisions. Undoubtedly, there will also be painful aspects in any decision taken, but the country must be saved,” added Stylianides as Parliament debates a resolution plan for Cyprus Popular Bank (Laiki) and capital controls to be implemented when the island’s lenders reopen.
Earlier, Cyprus Central Bank governor Panicos Demetriades had warned lawmakers that a failure to approve these bills would lead to a disorderly bankruptcy next week
“The political leadership must, despite the different ideological and political approaches, provide the way out,” said Stylianides. “The next few hours will determine the future of this country. We must all assume our responsibility.”