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Cyprus Rejects Bailout Tax

Could lead to debt default and banking collapse.

cheats/2013/03/19/cyprus-set-to-veto-bailout-tax/130319-cyprus-tax-vote-cheat_i6qelf

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

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