Greece Cyprus Financial Crisis
Pedestrians pass outside the headquarters of Bank of Cyprus as the bank will remain closed for two days in Athens, Tuesday, March 19, 2013. Banks sto...
Pedestrians pass outside the headquarters of Bank of Cyprus as the bank will remain closed for two days in Athens, Tuesday, March 19, 2013. Banks stocks were sharply lower on the Athens Stock Exchange, as trading resumed for the first time in Greece since the details of a bailout in Cyprus and a shock levy on bank deposits were announced. Following a public holiday Monday, Greek branches of the Cypriot lenders the Bank of Cyprus, Laiki Bank and Hellenic will remain closed Tuesday and Wednesday. (AP Photo/Thanassis Stavrakis)
Greece Cyprus Financial Crisis
A customer of Bank of Cyprus uses the ATM at the headquarters offices as the bank will remain closed for two days in Athens, Tuesday, March 19, 2013....
A customer of Bank of Cyprus uses the ATM at the headquarters offices as the bank will remain closed for two days in Athens, Tuesday, March 19, 2013. Banks stocks were sharply lower on the Athens Stock Exchange, as trading resumed for the first time in Greece since the details of a bailout in Cyprus and a shock levy on bank deposits were announced. Following a public holiday Monday, Greek branches of the Cypriot lenders the Bank of Cyprus, Laiki Bank and Hellenic will remain closed Tuesday and Wednesday. (AP Photo/Thanassis Stavrakis)
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.
