Pursuits
Cyprus Contagion, Venezuela’s Dollar, Fannie: Compliance
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Cyprus’s parliament rejected an unprecedented levy on bank deposits, dealing a blow to European plans to force savers to shoulder part of the country’s bailout in a standoff that risks renewed tumult in the euro area.
Cypriot legislators in the capital Nicosia voted 36 against the proposal with none in favor in a show of hands yesterday. There were 19 abstentions. Hammered out by euro-area finance chiefs over the weekend, the deal had sought to raise 5.8 billion euros ($7.5 billion) by drawing funds from Cyprus bank accounts in return for 10 billion euros in international aid.