Cyprus's parliament was set to reject a divisive tax on bank deposits in a vote scheduled for Tuesday, pushing the island closer to a debt default and banking collapse. A weekend announcement that Cyprus would break with previous practice and impose a levy on bank accounts as part of a 10 billion euro ($13 billion) EU bailout prompted turmoil on European financial markets on Monday. Cypriot and euro zone officials have sought to soften the initially proposed levy of 6.75 percent on depositors of up to 100,000 euros and 9.9 percent above 100,000 to ease the burden on small savers. But passage of the bill in the ... (full story)