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Cyprus Parliament Rejects Bailout

Posted by Joseph Trevisani on Mar 19, 2013 2:28:00 PM

The Cyprus legislature rejected the Euroepan bank bailout that had demanded a  levy on all bank accounts in the island nation. The vote was 36 against and 19 abstentions.Ther were no votes in favor of the pact. The 19 abstentions were from the ruling conservative party of President Nicos Anastasiades.

The euro jumped about 40 points higher on the news as traders took profit on earlier short positions.  The low has been 1.2843, currently 1.2884.

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