1. No Way

    Cyprus Rejects Bailout Tax

    Protesters hold up their hands as they protest outside the parliament in capital Nicosia, Cyprus, Monday, March 18, 2013. A vote on a bailout package for Cyprus that includes an immediate tax on all savings accounts has been postponed until Tuesday evening. Yiannakis Omirou, the speaker of Parliament, said the delay was needed to give the government time to amend the deal reached over the weekend that prompted an outcry from those who thought their money was safe. In order to get euro 10 billion ($13 billion) in bailout loans from international creditors, Cyprus agreed to take a percentage of all deposits — including ordinary citizens' savings — an unprecedented step in Europe's 3 ½-year debt crisis. (AP Photo/Petros Karadjias)

    Protesters outside Parliament in capital Nicosia, Cyprus, on Monday. (Petros Karadjias/AP)

    Cyprus will have to find some other way to come up with the money they need to qualify for a bailout. Lawmakers voted overwhelmingly to reject a plan that would have seized part of people's bank deposits, even after altering the plan to protect small deposit holders. Protesters outside Parliament cheered the news. The European Union said before the vote that they would withhold €10 billion in desperately needed bailout loans unless Cypriot depositors shared the cost of the rescue.

    Read it at Reuters