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March 20, 2013

Cyprus Parliament Rejects EU Bailout Demands 
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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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