(CNN) -- Cyprus has become the latest eurozone nation to apply for a bailout amid a financial crisis linked to debt defaults in Greece. The Mediterranean island has a huge banking sector and its public debt is expected to match GDP within the next decade. Proposals to tax existing bank deposits as part of a rescue package have alarmed investors. The Cypriot parliament on Tuesday rejected a €10 billion eurozone bailout package due to investor alarm over a proposed tax on existing bank deposits as part of the rescue package. Why is Cyprus facing financial problems? In a March 16 statement on the agreement, the Eurogroup -- an informal body of eurozone finance ministers -- said the "current fragile situation of the Cypriot financial sector" was linked to its large size relative to the country's GDP. Eurogroup president Jeroen Dijsselbloem said Cyprus' banking sector was more than five times the size of GDP and the group predicted that the island's public debt would reach 100% of GDP in 2020.

The money would be used to prop up Cypriot banks that were badly exposed to the financial crisis in
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Greece.


Angry parents have launched a protest over a primary school's plans to make their children sing songs in Lithuanian and Polish. A third of pupils at the Peckover Primary School in Wisbech - a Cambridgeshire town popular with eastern European families - are from migrant backgrounds, but some parents claim their children came home in floods of tears because they did not understand the words to the songs. Children were being taught the lyrics for an upcoming international singing festival, but mother Clare Eve, 48, who has launched a petition in protest, said: 'The whole school is getting taken over by these cultures and I don't think it's right.'

'I wouldn't have objected if all the Lithuanian kids had sung a
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Lithuanian song and all the Polish kids sung a Polish song.


The Dogecoin started off as a penniless Internet joke. But Matt Thompson plans on selling his vacation home for this meme-inspired currency. The 27-year-old entrepreneur has been selling games and gadgets over the Internet for years, but nothing as big as his Wisconsin vacation home, which he is offering for 100 million Dogecoins. Dogecoin (pronounced DOHJ-coin) isn't something tangible like the dollar bills in your wallet. It's an open source file-sharing form of cryptocurrency that was created by programmer Billy Markus in December 2013. The newbie cryptocurrency started off as a parody of Bitcoin, using the image of a perplexed Japanese dog. Chances are, you've probably seen Dogecoin's mascot somewhere on the Internet already. As the Shiba Inu would say: Wow, much coin-cidence.

Most of these
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Bitcoin competitors are created to make a lot of money, but it's hard to generate a healthy supportive community," he said.