The parliament of Cyprus rejected a proposed tax on bank deposits.
The proposed tax on savings in banks had been a condition of a European bailout. When the Cypriot parliament rejected the tax, the decision eased worries that savers will begin withdrawing funds. At the same time, it left efforts to rescue the country - the latest casualty of the euro-zone debt crisis - up in the air. "Regardless of the vote in Cyprus, we still have the problem. No one knows: 'What is the Cypriot financial restructuring going to look like?'"