Cypriot politicians are busy trying to come up with an alternative plan to raise the cash needed to stave off a collapse of its banking sector after they unanimously rejected an international bailout package that would have imposed a levy on the nation's savings accounts.
Here's a quick look at some of Wednesday's developments:
Amid Washington's dysfunction, one issue has united some liberal Democrats and conservative Republicans: a common concern that "too big to fail" is alive and well.
Despite the Dodd-Frank financial reforms, these lawmakers believe the nation's largest banks still pose a threat to the economy and that the government will step in to bail them out if they get in trouble.
The government of Cyprus is trying to ease fears over a proposed tax on bank deposits. Newly proposed legislation would exempt savers with smaller accounts. It's part of a bailout plan for that Mediterranean country, negotiated with the E.U. and IMF over the weekend.