Parliament ratified the island's bailout

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images Parliament last night ratified the island’s bailout amid warnings that tougher times lie ahead for Cypriots, already suffering from the effects of a deep recession. With the majority of just two votes, lawmakers approved terms accompanying 10 billion euros in aid from the European Union and the International Monetary Fund (IMF). Government officials had warned the island would fall into a chaotic default, unable to pay salaries or pensions, without this emergency funding. The bailout debate took place as a few hundred people demonstrated outside parliament against the memorandum under the watchful eye of a strong police force in riot gear. One group brought a long a fake gallows, which they said was for lawmakers. The government welcomed the ratification of the bailout- ‘it would have been an oxymoron for European parliaments to approve a 10 billion euros loan to Cyprus only for it to be rejected by the parliament of a country with empty coffers without having a realistic alternative plan’ explained the government spokesman Christos Stylianides.