BUSINESS
03/21/2013 04:34 pm ET

Cyprus Government Proposes 'Solidarity Fund' To Parliament

NICOSIA, March 21 (Reuters) - The Cypriot government proposed to parliament on Thursday the creation of a "Solidarity Fund" based on revenues from hydrocarbon exploitation, bonds and other assets to help it raise billions of euros to clinch an EU bailout.

The bill, seen by Reuters, did not specify how much the state hopes to gain from the fund. Parliament was due to debate a number of bills on Thursday evening, including one that would impose capital controls on banks.

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