Debt Crisis

6:14am

Wed March 20, 2013
The Two-Way

Cyprus Scrambles For 'Plan B' Bailout

Originally published on Wed March 20, 2013 6:48 am

German Chancellor Angela Merkel gestures as she leaves a parliamentary session on Wednesday in Berlin.
Johannes Eisele AFP/Getty Images

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:

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7:38am

Tue March 19, 2013
Europe

Cyprus Proposes Exempting Smaller Deposits From Tax

Originally published on Tue March 19, 2013 8:42 am

Transcript

RENEE MONTAGNE, HOST:

Lawmakers in Cyprus are trying to ease rage over a proposed tax on all bank deposits by exempting people who have relatively small accounts. It's part of a bailout plan for that Mediterranean country negotiated with the E.U. and IMF over the weekend, but the compromise on taxes may not be enough for Cyprus' parliament to pass the plan.

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6:57am

Tue March 19, 2013
The Two-Way

Cyprus Lawmakers Reject Unpopular Bailout Plan

Originally published on Tue March 19, 2013 1:55 pm

A Cypriot woman holds a sign during a protest against an EU bailout deal outside the Parliament in Nicosia on Monday.
Patrick Baz AFP/Getty Images

Update at 2:25 p.m. ET: Deal Turned Down:

Cyprus lawmakers have rejected the bank tax bill, with zero votes in favor, 36 against and 19 abstentions, after a two-hour debate, The Associated Press and Reuters news agencies report. The bill's rejection throws into doubt the $13 billion international bailout package needed to forestall a default.

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2:43pm

Mon March 18, 2013
Europe

Confidence In Cyprus Banks Falters As Government Proposes Deposit Tax

Originally published on Mon March 18, 2013 3:54 pm

Cyprus is facing a run on its banks after the government proposed taxing bank deposits. The government has put off a vote on the plan in a bid to calm things down. Banks are set to re-open on Thursday after a bank holiday was declared on Monday.

2:06am

Mon March 18, 2013
Business

EU Bailout Tax Sparks Bank Run In Cyprus

Originally published on Tue March 19, 2013 8:08 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. I'm Steve Inskeep.

RENEE MONTAGNE, HOST:

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