Cyprus lawmakers reject bank tax; bailout in disarray
Reuters.com by Michele Kambas and Karolina Tagaris
NICOSIA | Wed Mar 20, 2013 3:23am EDT
(Reuters) – Cyprus overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout on Tuesday, throwing international efforts to rescue the latest casualty of the euro zone debt crisis into disarray.
The vote in the tiny legislature was a stunning setback for the 17-nation currency bloc, angering European partners and raising fears the crisis could spread; lawmakers in Greece, Portugal, Ireland, Spain and Italy have all accepted austerity measures over the last three years to secure European aid. ( read more at reuters.com / link to original article