Cyprus’s Four Options to Avoid Banking Collapse
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March 20 (Bloomberg) -- The only thing worse than Cyprusaccepting the rotten bailout program that European policy makersagreed on late last week was Cyprus rejecting it. Yesterday, theparliament voted decisively against the terms of the bailout,with 36 members opposing it, the ruling party abstaining and nota single vote in favor.
Policy makers will have to come up with a new plan, andthey had better hope the European Central Bank buys them enoughtime to do so before Cyprus’s financial system melts down.