The bill approved by the cabinet last week has some bold bits, yet it is more an exercise in shuffling around the costs than a true restructuring of the system.
After watching their financial sector collapse because of their exposure to the restructuring of the Greek banking system, Cyprus proposed the rescue package last year, but have been unable to negotiate a final deal, despite launching a round of spending and state salary cuts under the outgoing government.
It said that the merger was part of the restructuring of the Spanish financial system.
Warning against "Father Christmas" tax cuts or giveaways, he said targeted investment in infrastructure, support for manufacturing and a fundamental restructuring of the banking system were important steps to "rebuilding our broken economy from the rubble".
BBC: Lib Dem conference: Cable likens economic crisis to war
The international creditors, led by the IMF, were seeking a fundamental restructuring of the outsized financial system, which is worth up to eight times the country's gross domestic product of about 18 billion euros.
The unions are calling for pay rises, a recruitment drive and the scrapping of a restructuring programme, which they say would privatise part of the rail system.
Tensions nearly boiled over during meetings on Sunday evening, when Cypriot President Nicos Anastasiades threatened to resign amid demands from the IMF and European officials for a deep restructuring of Cyprus's banking system, an official familiar with the incident said.
The proposed closures are part of a nationwide restructuring of the service, which SCS said was due to reduced budgets, law reforms and a modernisation of the system.
Some say that a formal debt-restructuring system will raise the cost of borrowing and frighten skittish markets.
It is only now, nearly four years after the collapse of Lehman Brothers, that the commission has issued a proposal for an EU-wide system of restructuring and winding up failing banks, to take effect in 2018.
The macroeconomic picture has improved and investor confidence has found a new lease on life after Tokyo halted the deterioration of the banking system, public funds juiced up the statistics and numerous private companies began restructuring their operations.
Supermarket Tesco is restructuring its distribution system in the UK with the closure of three centres and the transfer of 2, 000 jobs.
In what has been for most politicians three months of absorption in the exigencies of the disaster, the bureaucracy has nonetheless plodded on to produce a financial restructuring proposal for the old age welfare system, particularly pensions.
Tesco is restructuring its distribution system in the UK, with the closure of three centres - including Harlow - and the transfer of 2, 000 jobs.
Administration officials, in outlining three options for restructuring the housing-finance system, have been emphasizing areas of agreement with Republicans, stressing that they favor a system that is less dependent on government support.
But, oddly, while many Republicans support major Medicare restructuring, they are doing everything they can to destroy the very system of universal private insurance that would make vouchers feasible.
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