BREAKING MONEY NEWS - CYPRUS UPDATE

With hundreds of angry protestors chanting outside their Parliament building, Cyprus lawmakers rejected the 10 billion eurobailout which would have taxed bank deposits to pay part of the country’s debt. 

The move created angst across the Eurozone and sent the country’s president, Nicos Anastasiades, searching for another way to raise the €5.8 billion needed to secure a Euro bailout.

In the latest urgent move authorities have proposed possibly nationalizing pension funds from state-run companies, issuing emergency bonds, and yet another bank deposit tax.With the European Central bank threatening to cut off funding of Cypriot banks early next week, the country has just days to close the gap or face financial collapse and a likely exit from the euro currency.

Stay tuned!