Cyprus's parliament overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout tonight, throwing euro zone efforts to rescue the latest casualty of the currency area's debt crisis into disarray.
The vote by the small state's legislature was a stunning setback for the 17-nation euro zone, after lawmakers in Greece, Portugal, Ireland, Spain and Italy had repeatedly accepted unpopular austerity measures over the last three years to secure European aid.
The rejection, with 36 votes against, 19 abstentions and one absence, brought the east Mediterranean island, one of the smallest European states, to the brink of financial meltdown.
But jubilant crowds outside parliament broke into applause, chanting: 'Cyprus belongs to its people'
MORE: http://www.dailymail.co.uk/news/article-2295670/Cyprus-rejects-bank-forced-people-hand-10-savings.html
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