Crisis Ahead? Cyprus Rejects Bank Deposit Tax

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Cyprus lawmakers rejected a tax on bank deposits that would have partly funded an emergency bailout.

Many supported the vote and are cautiously celebrating the decision, but others worry that rejecting the tax could lead the Mediterranean country to a financial crisis.

Cyprus needs more than 15 billion euros to bail out its banks.

Eurozone countries and the international monetary fund pledged to provide 10 billion euros in rescue loans, but Cyprus must come up with the rest.

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