Cypriot Parliament Rejects Bank Levy Bill

A man passes by anticapitalist graffiti in dowtown of Nicosia, Cyprus, 19 March 2013. Photo by EPA/BGNES

The Cypriot Parliament has expectedly rejected the international bailout package that involves taxing ordinary depositors to pay part of the bill.

There were zero votes in favor, 36 votes against, and 19 abstentions. Cyprus's Parliament has 56 seats.

Lawmakers voted on the plan late on Tuesday, hours after President Nicos Anastasiades said they were likely to reject it.

The BBC has reminded that the country's Finance Ministry had proposed exempting savers with smaller deposits, but opposition remained fierce.

EU Finance Ministers had warned that Cyprus's two biggest banks will collapse if the deal does not go through in some form.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!