Posted: Mar 19, 2013 11:41 AM by Associated Press
NICOSIA, Cyprus (AP) - Cypriot lawmakers have rejected a critical draft bill that would have seized part of people's bank deposits in order to qualify for a vital international bailout.
The bill, which had been amended Tuesday morning to shield small deposit holders from the deposit tax, was rejected with 36 votes against, 19 abstentions and zero votes in favor. One deputy was absent.
Hundreds of protesters outside Parliament cheered in jubilation and sang the national anthem when they heard the bill had not passed.
Cyprus will now have to come up with an alternative plan to raise the money.
If it doesn't, it won't qualify for external rescue loans, the country's banks face collapse and the country could go bankrupt.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at email@example.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties