Mar 19, 2013
By AM740 Staff
Cypriot lawmakers have rejected a draft bill that would have seized part of people’s bank deposits in order to qualify for a vital international bailout.
The bill was rejected with 36 votes against, 19 abstentions and zero votes in favour.
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.