Financial Post | Business

The Cypriot parliament on Tuesday overwhelmingly rejected a controversial tax on bank deposits that was one of the conditions of a €10-billion ($13.22-billion) bailout package by the International Monetary Fund and the eurozone.

[np_storybar title=”We are all Cypriot savers: Tax shows how far governments can go when broke” link=””]Terence Corcoran: If EU financial authorities can seize bank deposits in Cyprus, could the U.S. or Canadian governments do the same, if worst came to worst? You bet.

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President Nicos Anasta­siades must go back to eurozone leaders to try to renegotiate the deal or, failing that, prepare for Cyprus to default on its debts — a prospect he earlier warned would result in “indescribable misery” for ordinary Cypriots.

Hammered out by euro-zone finance chiefs over the weekend, the deal had sought to raise €5.8-billion euros by drawing funds from Cyprus bank accounts in return for international…

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