Posted: Mar 19, 2013 1:44 PM by Associated Press
NICOSIA, Cyprus (AP) - Cypriot lawmakers have rejected a critical draft bill that would have seized part of people's bank deposits in order to qualify for a vital international bailout.
The bill, which had been amended Tuesday morning to shield small deposit holders from the deposit tax, was rejected with 36 votes against, 19 abstentions and zero votes in favor. One deputy was absent.
Hundreds of protesters outside Parliament cheered in jubilation and sang the national anthem when they heard the bill had not passed.
Cyprus will now have to come up with an alternative plan to raise the money.
If it doesn't, it won't qualify for external rescue loans, the country's banks face collapse and the country could go bankrupt.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Do you have a tip, information about a breaking news story, or a story idea for 6 Investigates? Contact the KRIS 6 News Desk at 361-884-6666 or send us an email.
Look at photos and videos and share them!
| Desktop Weather
Current forecast, hurricane info, and much more!
|KRISTV.COM Mobile Website
Get KRISTV.com on your mobile or PDA!
|KRISTV.COM Mobile Apps
Get our mobile apps on your mobile or PDA!
See the latest winning numbers!
|6 News Team
Read about your favorite KRIS-TV personalities!
|FCC Online Public File
FCC Public File of Records, Reports, and more