Posted by: youngragingbull | March 19, 2013

Cyprus government rejects bailout’s deposit levy: reports

The parliament in Cyprus rejected a controversial plan to impose a tax on bank deposits held in the island nation, according to media reports.

The deposit levy was required by international lenders in exchange for a sovereign bailout for Cyprus, which was offered on Saturday.

CNBC reported that 36 parliament members voted against the measure, while 19 parliament members abstained.

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