• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Majority Of Cypriot Parties Refuse To Support Deposit-Loss Law

Tyler Durden's picture




 

Update: Just as we predicted - Cyprus president Anastasiades to tell Eurogroup he lacks support and votes to pass levy - Antenna

Moments ago the state-run CYBC media reported perhaps the most material news ahead of tomorrow's Cyprus parliamentary vote, which at this point will likely be rescheduled once more, for the simple reason that yet another key Cypriot party, DIKO, has come out and decided to vote against the depositor-loss law on the Parliament's docket tomorrow. This is notable because while yesterday JPM, in its "bazooka" assessment speculated that DIKO would vote for the law which made sense previously as DIKO had supported president Anastasiades in his election bid, which gave a pro-bailout vote a one vote margin. As a result of today's flip, the party's 9 votes will now be aligned with the "anti" votes of AKEL  and EDEK, whose combined 33 votes mean the proposed bailout law has no chance of passing as they have the needed 29 votes to block any bail-in out proposal! The Eurogroup better come up with some very convincing adjustments to the deposit haircut scheme in its ongoing conference, or else tomorrow's vote will be quite painful for the Fed's "wealth effect creation vehicle", once upon a time known as the S&P 500.

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Mon, 03/18/2013 - 15:05 | 3343760 Seasmoke
Seasmoke's picture

The dikes flipped .., 69 bitchez !

Mon, 03/18/2013 - 15:09 | 3343793 Momauguin Joe
Momauguin Joe's picture

20 guillotines. Check.

Mon, 03/18/2013 - 15:22 | 3343884 CrimsonAvenger
CrimsonAvenger's picture

See, it's that kind of profligacy that got us into this mess. We just need one, plus a good blade sharpener.

Mon, 03/18/2013 - 15:25 | 3343903 Manthong
Manthong's picture

Hmm.. judging by those very recent red handles this might be some real news.

Mon, 03/18/2013 - 15:35 | 3343925 fockewulf190
fockewulf190's picture

9 horse heads sent via Vladimir Expressivski took care of that.

Mon, 03/18/2013 - 15:58 | 3344110 TerminalDebt
TerminalDebt's picture

dikes dont like merkel anymore?

Damn, now nobody likes her

Mon, 03/18/2013 - 15:59 | 3344120 Stackers
Stackers's picture

So now they bring in the ex-Goldman patsy to replace elected PM and do it anyway ?

Mon, 03/18/2013 - 15:38 | 3343988 a growing concern
a growing concern's picture

Why the fuck would you want to sharpen it? Dull that bitch up and leave it in salt water for a few weeks. Then proceed.

Mon, 03/18/2013 - 15:10 | 3343800 DoChenRollingBearing
DoChenRollingBearing's picture

Cyprus looks like, as predicted from the onset Saturday, that it will be the gift that keeps on giving and giving.  Scratch that: taking and taking!

Mon, 03/18/2013 - 15:34 | 3343959 AlaricBalth
AlaricBalth's picture

It seems as if the recent developments concerning Cyprus are of a punitive nature, with Washington pulling the strings. I find it hard to believe that the EU would take such a risk of bank runs, without prodding and implied financial guarantees from the US.

"A mysterious Russian cargo ship limped into the Cypriot port of Limassol, this month, forced to seek shelter from a violent storm.

Hidden on board the MS Chariot were four containers packed with 60 tonnes of ammunition for AK-47s and for rocket launchers. The shipment had come from Moscow's state arms company, Rosoboronexport; its shadowy purchaser was none other than the Syrian government.

Cyprus, an EU member since 2004, was supposed to seize the cargo. The weapons flagrantly breached the EU's strict embargo on military supplies to the Syrian regime, which since last year has been violently engaged in shooting and killing its own citizens and anti-regime protesters.

Instead, Cypriot officials allowed the ship to leave after receiving vague assurances it would alter its route. The captain refuelled, left and then set a brisk course for the Syrian port of Tartus, where he delivered his dubious cargo."
http://m.guardiannews.com/world/2012/jan/26/cyprus-russian-invasion

Mon, 03/18/2013 - 16:15 | 3344195 One World Mafia
One World Mafia's picture

Leaked video showing free syrian army blowing up a mosque to accuse the syrian army of doing it

http://www.infowars.com/leaked-video-showing-free-syrian-army-blowing-up...

Happens a lot. Not surprising since al-Qaeda R Us

July 2011: Clinton Announces al-Qaeda terrorist organization as Legitimate Government of Libya
http://www.infowars.com/clinton-announces-al-qaeda-as-legitimate-governm...

Hillary Clinton Admits US and Al-Qaeda (aka al-Nusra / radical Islamists / Syrian rebels, etc) On Same Side in Syria (video from the horse's mouth)
http://www.infowars.com/hillary-clinton-admits-us-and-al-qaeda-on-same-s...

Al-Qaeda's amazing CIA credentials
http://www. infowars.com/syrian-oppositions-amazing-cia-credentials

Mon, 03/18/2013 - 16:35 | 3344319 Panafrican Funk...
Panafrican Funktron Robot's picture

Yeah, this may end up being the WWIII trigger mechanism.  The West basically just said to Russia, "We're gonna straight up take your shit."  This is a direct affront to Putin's manhood.   

Mon, 03/18/2013 - 18:45 | 3344732 Element
Element's picture

What's going on is mind blowing. Where do they go from here? Imagine if both Cyprus and Greece decided to pull the pin on the Euro and Germany, at this point. Their banks are roadkill already, so what's the incentive to keep playing along anymaw? Even if they did vote to accept this proposal, their banks are already kaput.

So the vote doesn't matter and this is only moving deck chairs on the Titanic, whilst (very temporarily) being distracted from the more significant fact of still being on the SS Titanic.

How does either a pro or a con vote help them? Frankly they should just forget this vote entirely and start to deal with where they go from here.

Tue, 03/19/2013 - 04:19 | 3346007 StychoKiller
StychoKiller's picture

You my friend, are no politician (too much of a realist!)

Mon, 03/18/2013 - 15:06 | 3343766 astoriajoe
astoriajoe's picture

Let me guess, the DISY party voted first.

Mon, 03/18/2013 - 15:09 | 3343790 ThunderingTurd
ThunderingTurd's picture

Their phones are ringing off the hook from Russian mobsters.  There will be no votes by morning.

Mon, 03/18/2013 - 15:21 | 3343880 McMolotov
McMolotov's picture

It's come down to a choice between getting wacked by the Russian mob or droned by the Banker mob.

Mon, 03/18/2013 - 15:26 | 3343908 ThunderingTurd
ThunderingTurd's picture

Cue Viggo Mortensen in "Eastern Promises" (before you found out he was undercover)

Mon, 03/18/2013 - 15:37 | 3343980 css1971
css1971's picture

My money's on the Russians. They don't screw around and it's a really, really bad idea to go anywhere near them.

Banksters on the other hand are your basic coward types.

Mon, 03/18/2013 - 15:54 | 3344089 kito
kito's picture

Banksters hire the mob to do their dirty work....

Mon, 03/18/2013 - 17:15 | 3344490 bigkahuna
bigkahuna's picture

and the DoD

Tue, 03/19/2013 - 04:21 | 3346008 StychoKiller
StychoKiller's picture

Drones kill their targets almost instantaneously, or so I would imagine...

Mon, 03/18/2013 - 15:13 | 3343818 Stoploss
Stoploss's picture

Well, i feel relieved the Bohner said we don't have no steeenking debt problem..

 

I must have missed the "watch this, hold my beer" moment though.

Mon, 03/18/2013 - 15:06 | 3343767 Wolferl
Wolferl's picture

Resistance is futile.

Mon, 03/18/2013 - 15:15 | 3343831 This just in
This just in's picture

Saving in Banks is futile.

 

Fixed it for ya.

Mon, 03/18/2013 - 15:29 | 3343928 localsavage
localsavage's picture

It turns out the your mattress may not be that bad after all.

Mon, 03/18/2013 - 15:43 | 3344029 azzhatter
azzhatter's picture

Gold has popped a little chubby today

Mon, 03/18/2013 - 15:20 | 3343873 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Will be interesting to watch these votes change right after a closed door meeting with the appropriate EU bosses.

Mon, 03/18/2013 - 15:26 | 3343910 Wolferl
Wolferl's picture

The price for a Greek isn´t really that high these days.

Mon, 03/18/2013 - 16:14 | 3344199 permafrost
permafrost's picture

It will be even more interesting to watch them change back as they meet a random Russian on their way out of the closed door meeting.

Mon, 03/18/2013 - 15:37 | 3343982 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Resistance is futile.

Capacitance is Faradical!

Mon, 03/18/2013 - 19:01 | 3344876 Element
Element's picture

Capacitive Reactance is ohmical

Mon, 03/18/2013 - 15:10 | 3343770 hedgeless_horseman
hedgeless_horseman's picture

 

 

DISY is pro theft?  This kind of open information could put OpenSecrets.org out of business.

http://www.opensecrets.org/industries/indus.php?Ind=F07

 

Mon, 03/18/2013 - 15:07 | 3343771 wee-weed up
wee-weed up's picture

And the Obama Admin's official response to this outright confiscation of private property...

"No comment."

Mon, 03/18/2013 - 15:19 | 3343871 franzpick
franzpick's picture

When you hear Jay Karnac's press statement that the GoBombEm Administration thinks the Cyp levy was not the "fair and balanced" approach that "we need" to "put new revenues to work improving the jobs environment", you'll know where the Cyprus financial travesty will be leading us.

Mon, 03/18/2013 - 15:19 | 3343872 DoChenRollingBearing
DoChenRollingBearing's picture

And we know why.  They are thinking along similar lines...

Mon, 03/18/2013 - 15:35 | 3343966 Jena
Jena's picture

They're just watching to see how many people are paying attention.

Mon, 03/18/2013 - 15:39 | 3344000 wee-weed up
wee-weed up's picture

And that is exactly why his liberal toady MSM in the US are doing their best to try to ignore what is happening in Cyprus.

Mon, 03/18/2013 - 15:06 | 3343773 resurger
resurger's picture

I pray to Lord Satan that they do not pass this law untill we reach DOW 36K!

Amen!

Benny B

XOXO

Mon, 03/18/2013 - 15:30 | 3343933 localsavage
localsavage's picture

You pray to Bernanke?

Mon, 03/18/2013 - 15:24 | 3343774 The Heart
The Heart's picture

Wow. This is some historical stuff!

Now the retired British folks there are not going to get their welfare checks until this is worked out. With all the attention this is getting, and the great fear of bank runs world wide, something good better come from all this foot dragging.

British government STOPS pension payments to expats in Cyprus so government won’t seize 10% tax for EU bank bailout:

http://www.dailymail.co.uk/news/article-2295115/British-government-STOPS...

We give thanks, for something very amazing is happening. This is the biggest multidimensional circle of wagons on ZH that has ever gathered world-wide. Everyone knows who the robber banksters are. Everyone sees that THIS, is what the preparations, bullets, guns, nonlethal weaponry, and draconian laws have been put in place for. This well planned bank "raid" tax currency devaluation holiday is what has been planned for so long. This small run it up the flag pole to see how it flies is a indicator of what is coming to the rest of the world, maybe as soon as this summer. It is all so plain Jane to see. This is what all the distractions are covering up. This bankster theft of people savings and retirement funds.

The good news is, it is being exposed for what it is as fast as it is happening and therefore, making it hard for them to pull off the banking take over as planned.

Lots of of Irons in this fire. Lets just really hope the people don't start burning down the house with them.

May the adults in the room choose the best path for all concerned.

Mon, 03/18/2013 - 15:25 | 3343901 Pool Shark
Pool Shark's picture

 

 

You mistakenly assume there are any adults in the room...

 

 

Mon, 03/18/2013 - 15:42 | 3343993 The Heart
The Heart's picture

Lol...you are right. Thank you for pointing that out.

How about, may the sane things in the room make the right decisions.

Oh yeah, what makes one think there are any sane things in the room?

Sigh....

Mon, 03/18/2013 - 19:16 | 3344911 Element
Element's picture

Maybe heart but for the technocrats and banksters it's going to be reap what you sew time. If they did not want it, then they should have behaved like adults themselves, because people who lose everything ... lose it. There will be few cool heads they'll listen to, they'll want to resist, and many won't be too choosy the form of resistence used.

Tue, 03/19/2013 - 05:44 | 3346052 The Heart
The Heart's picture

Thank you E. You are right!

Tue, 03/19/2013 - 02:12 | 3345933 MSimon
MSimon's picture

They are taking protections from the sane because  fear of the insane is rampant. And far too many of the "sane" think that is justifiable.

Mon, 03/18/2013 - 16:11 | 3344175 eclectic syncretist
eclectic syncretist's picture

What are they going to do?  Shut down the printing presses?  Shut the motherfuckers down and see what happens banksta bitchez!

Mon, 03/18/2013 - 15:11 | 3343775 JustObserving
JustObserving's picture

Cue Merkel's goose-stepping stormtroopers. You only have the illusion of choice, Cypriots.

Mon, 03/18/2013 - 15:49 | 3344066 Matt
Matt's picture

They do have a choice.

Choice A: do what the Eurozone wants, steal from depositors, and stay in the Eurozone

Choice B: give oil and gas exploration rights to Gazprom, and get bailed out by Russia

Choice C: Give both powers the finger. Collapse and Chaos.

Tue, 03/19/2013 - 04:36 | 3346016 StychoKiller
StychoKiller's picture

Choice D:  Follow Iceland's lead.

Do NOT follow this link or you will be banned from the site!