European Union

European Commission Urging Cyprus to Offer a Plan for the Country's Debt Crisis

Cypriot politicians rejected the E.U.'s offer earlier this week

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Europe is pressuring Cyprus to offer new solutions to the island nation's debt crisis after its parliament overwhelmingly rejected a bailout plan sanctioned by the country's international lenders.

The European Commission, the administrative arm of the European Union, said Wednesday it was up to Cyprus to offer "an alternative scenario" after parliament balked at the $13 billion rescue plan that called for taxing the savings accounts of depositors at the country's banks.

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