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A plan to tax savings in banks, to help offset the costs of a bailout by the European Central Bank, was voted down in Cyprus' parliament today.

The immediate and long term effects are unclear. Initially, the vote was greeted with enthusiasm within Cyprus, where the measure was wildly unpopular, and the ECB replied that they would remain committed to providing Cypriot banks with liquidity. However, fears remain that the ECB will pull back its support for the two biggest banks in Cyprus and scale down its efforts, as a result of the vote. It's both a celebration and moment of great apprehension in Cyprus, and around the world, where yet another banking crisis is causing tremors in world financial markets.