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Cypriot Lawmakers Overwhelmingly Reject EU Demands; What's Next?

• globaleconomicanalysis.blogspot.com
 
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.
What's Next?

First, I commend the Cypriot lawmakers. Of course this will likely go back to vote, again and again, until they "get it right".

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