World Bulletin / News Desk

The Greek Cypriot administration has failed to reach an agreement with its would-be international creditors over how to raise 5.8 billion euros needed to secure a 10-billion euro bailout.

The Greek Cypriot administration leader Nicos Anastasiadis was set to meet officials from the Troika of the EU, the IMF, and the European Central Bank in Brussels later on Sunday to craft a deal to save the Greek Cypriot economy from going bankrupt.

Greek Cypriot lawmakers approved late on Friday three most important bills of a nine bill-package that creates 'a solidarity fund,' restructures lenders such dividing toxic-laden banks into a 'bad bank' and 'a good bank,' and authorizes Greek Cypriot finance minister and central bank governor to restrict financial transactions in times of emergency.