Cyprus in limbo after rejecting bank seizures plan
World BusinessMar 20, 2013
Lawmakers in Cyprus decisively rejected a plan on Tuesday to seize up to 10 percent of people's bank deposits in order to secure an international bailout and prevent a collapse of the country's banks.The vote leaves the tiny Mediterranean economy in financial limbo, but hundreds of protesters outside Parliament cheered and sang the national anthem when they heard the bill failed.Still, Cyprus needs 15.8 billion euros ($20.4 billion) to bail out its heavily indebted banks and shore up government