Admit outcry from citizens, the government of Cyprus has unanimously rejected a bailout measure from the European Union and the International Monetary Fund that would require seizing funds from every bank account in the nation.
After the vote the European Central Bank said they would move to assist Cyprus in any way they can under the currently approved banking systems.
The failure of the vote came after a proposal to keep anyone with under 20,000 euros from being taxed but it was not enough to sway critics of the plan.
A surprising protest against the measure came from Russia. Reports state that Russian citizens hold as much as 40% of bank accounts in Cyprus. Most accounts held by Russians contain over 100,000 euros, which would have had 9.9% of their accounts seized.
President Nicos Anastasiades called for everyone to back the bailout because he said otherwise the country would go bankrupt. He has called an emergency meeting for Wednesday to discuss the issue.
