Tax on bank deposits voted down in Cyprus

Posted: March 20, 2013 at 5:08 a.m.

Members of parliament vote against a crucial plan to seize a part of depositors' bank savings, in Nicosia, Tuesday, March 19, 2013. Cypriot lawmakers on Tuesday rejected a critical draft bill that would have seized part of people's bank deposits in order to qualify for a vital international bailout, with not a single vote in favor. (AP Photo/Philippos Christou)

NICOSIA, Cyprus — Cyprus’ parliament on Tuesday rejected a tax on bank deposits, discarding a European plan to force depositors to shoulder part of the country’s rescue in a standoff that risks renewed tumult in the euro area.

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Front Section, Pages 1 on 03/20/2013