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Cyprus Parliament Rejects EU Bailout Demands

HeadlineMar 20, 2013

The Cyprus government is holding crisis talks today after lawmakers voted to reject a controversial bailout deal with the European Union. The package called on Cyprus to impose a one-time tax on bank deposits as a condition for $13 billion in rescue money. The plan led to protests and massive bank withdrawals over the weekend as Cypriots rushed to protect their savings. Cyprus says it is seeking an alternative to the plan, but few details have emerged. The government has warned of “indescribable misery” if a deal cannot be reached, including the collapse of the country’s biggest banks.

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