Cyprus parliament rejects deposit tax for bailout

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Reuters NICOSIA
Last Updated : Mar 20 2013 | 12:10 AM IST

NICOSIA (Reuters) - Cypriot lawmakers overwhelmingly rejected a deeply unpopular tax on bank deposits on Tuesday, throwing into doubt an international bailout for the troubled euro zone member needed to avert default and a banking collapse.

The 56-seat parliament voted by 36 votes against and 19 abstentions to bury the bill, a condition of a 10 billion euro European Union bailout for the Mediterranean island. One deputy was absent.

(Writing by Matt Robinson; editing by Ron Askew)

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First Published: Mar 20 2013 | 12:01 AM IST

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