| The European debt crisis is back. The Cypriot parliament on Tuesday soundly defeated a controversial bailout proposal that would have taxed bank deposits, marking a new and uncertain phase in a crisis that until very recently had seemed to be quelled. Though the vote raised the chances that Cyprus could leave the euro zone, possibly throwing financial markets into turmoil, investors mostly reacted with calm. Many believe that a solution will be found, while others suggest that Cyprus is so small -- with an economy of just $25 billion a year -- that its withdrawal from the euro might have little effect. Continue reading...
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