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Cyprus parliament approves EU bailout deal

Vote welcomed by a battered euro zone.

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People walk past closed shops in the old town of Nicosia, Cyprus, on Jan. 26, 2013. On April 30, 2013, Cypriot lawmakers narrowly passed a critical bailout deal arranged by the European Union in a bid to offset the bloc's growing debt problem. (Patrick Baz/AFP/Getty Images)

Cypriot lawmakers on Tuesday narrowly passed a critical bailout deal arranged by the European Union in a bid to offset the bloc's growing debt problem. 

The deal passed with 29 votes in favor and 27 against, said Reuters. No one party has a majority in the Cypriot parliament.

The multibillion-dollar deal is supposed to stop Cyprus from going totally bankrupt, an event that would further endanger the euro.

European officials worked with the International Monetary Fund to draft the $30 billion arrangement, a deal that includes a loan of $13 billion

The deal's acceptance in Cyprus is expected to lift listless European markets, even as unemployment in the region hits a record high.

International lenders were watching the vote in Cyprus closely after parliament rejected an EU-brokered plan last month, prompting banks to shut down for weeks amid increasing financial turmoil. 

More from GlobalPost: Cyprus banks reopen under armed guard

http://www.globalpost.com/dispatch/news/regions/europe/130430/cyprus-parliament-approves-eu-bailout-deal