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The Boston Globe

Business

Lawmakers in Cyprus reject bailout bill

Government must find new way to raise cash

NICOSIA, Cyprus — Cypriot lawmakers on Tuesday rejected a critical draft bill that would have seized part of people’s bank deposits in order to qualify for an international bailout, with not a single vote in favor.

The rejection leaves Cyprus’s bailout in question. Without external funds, the country’s banks face collapse and the government could go bankrupt. Nicosia will now have to come up with an alternative plan to raise the money: The government could try to offer a compromise bill that would be more palatable to lawmakers.

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