Ukraine MPs Tackle Central Bank For Euro-2012 Cash

KIEV, Ukraine -- Ukraine's parliament on Friday overturned a presidential veto in a bid to squeeze an extra $1.24 billion out of central bank profits as it searches for funds to finance the Euro-2012 soccer championship.

Plans are seen in front of the stadium due to host the Euro-2012 soccer championship final, in Kiev.

Ukraine, co-host of the 2012 European soccer championship with Poland, has been sharply criticised by Europe's soccer authority, UEFA, for shortcomings in its preparations -- including construction of stadiums and other infrastructure.

The country has been given until November to prove that it can prepare three regional cities to host tournament games, while Kiev is still under threat of losing the right to host the final to Warsaw.

A total of 384 deputies backed the measure on Friday -- more than the 300 needed in the 450-seat assembly to overcome the veto imposed by President Viktor Yushchenko on the law enabling the move last month.

The bill obliges the central bank to provide 9.8 billion hryvnias ($1.24 billion) to the budget -- the sum estimated by members of parliament to be the bank's profits this year. Normally, the bank only hands over its profits for a given year in the following year.

Yushchenko vetoed the law on grounds that it threatened the stability of money markets because of the extra emission of currency required.

Source: India News