“The euro was plunged into fresh crisis last night as Cyprus flatly rejected plans to raid bank accounts on the debt-ridden island to save its basket-case economy. In a stunning rebuke to European leaders, the Cypriot Parliament voted to reject draconian plans to seize up to 9.9 per cent from the bank accounts of islanders, including 3,000 UK service personnel and 60,000 other Britons who have made their homes there. Not one MP backed the proposal, which the German government had demanded in exchange for backing a fresh bailout for the bankrupt Cypriot economy.”
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