19 March 2013 19:39 [Source: ICIS news]
HOUSTON (ICIS)--The parliament of Cyprus rejected on Tuesday a proposed tax on bank deposits, threatening a €10bn ($13bn) bailout, which the nation's banks need to remain solvent, according to a report.
Cyprus's legislature rejected the proposal by a large margin, according to a report by Reuters. Before the vote, members of the EU said that they would withhold bailout loans if Cyprus failed to adopt measures to share in the cost of the rescue, Reuters reported.
($1 = €0.77)
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