Cyprus Now Set To Vote Against Bailout, Ruling Party To Abstain Guaranteeing Failure To Ratify "Bail-In"

Tyler Durden's picture




 

It appears that Cyprus is now ready to escalate, following news now coming fast and furious, that the Parliament will go ahead and vote after all, but not in a good way as even the Cypriot ruling party, formerly the only party willing to vote Yes on the Bail-In, would abstain according to Dow Jones, which means there is no support at all in the Cypriot parliament for the deposit haircut proposal.

We can only pray that Bob Pisani explains what happens next because neither we, nor anyone else, has any idea what comes now.

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Tue, 03/19/2013 - 11:57 | 3347424 NoDebt
NoDebt's picture

Ludicrous speed!

Tue, 03/19/2013 - 11:58 | 3347431 aint no fortuna...
aint no fortunate son's picture

there goes the VIX...

Tue, 03/19/2013 - 12:02 | 3347450 Stackers
Stackers's picture

They've gone plaid !!!

Tue, 03/19/2013 - 12:07 | 3347490 fx
fx's picture

I know waht's next! Merkel and the EU will fold for the umpteenth time and shell out some additional billion EUR in soon-to-be worthless paper money. Then the banks open and a bank run ensues. Next thing you know, cyprus needs another bail-out - 2 times as large as the first one. EU demands haircuts by cyprus - Cyprus refuses and burns the German embassy - EU backs off ... you get the point.

Tue, 03/19/2013 - 12:21 | 3347551 BaBaBouy
BaBaBouy's picture

Gee, Does It Look Like Banking System Is Corrupt And Fraudulent ???

Who Woulda Thunk It ???

Ben Chalom, Please Print Up A New Batch Of USD Fiats And Keep The Good Shit Going...

Tue, 03/19/2013 - 12:27 | 3347606 BaBaBouy
BaBaBouy's picture

And Germany ...

You Should Be Worrying More About Getting All Your Tungsten...er GOLD Back From The NYC FED Underground Sinkhole...

Tue, 03/19/2013 - 12:15 | 3347553 DoChenRollingBearing
DoChenRollingBearing's picture

Bank runs...  Maybe it is all deliberate?

lhmarketwatch.blogspot.com

A take I have not seen yet.  Three guesses whose blog that is...

Tue, 03/19/2013 - 12:19 | 3347584 McMolotov
McMolotov's picture

Makes a lot of sense, especially the "cashless society" part.

Tue, 03/19/2013 - 13:45 | 3347756 The Big Ching-aso
The Big Ching-aso's picture

Well one thing's for certain and it gives me solace.

If we can only get past this Cyprus-Crisis then we will only have to deal with a U.S.-China-Russia-N.Korea-Europe-Japan-Africa-Venezuela-Greece-Spain-Italy and Portugal crisis.

So things are looking up after this ordeal.

Tue, 03/19/2013 - 14:18 | 3348491 akak
akak's picture

You're forgetting about the time-traveling US 'american' citizenism-Easter Island crisis.

It's the mattering thing.  The crustiest bit of the nub of it.

Tue, 03/19/2013 - 18:56 | 3350094 TheFourthStooge-ing
TheFourthStooge-ing's picture

US citizenism 'american' duplicity exhibited.

Would be more accurate to tell US 'american' citizens should brush up your walrasian economics to understand you definitively dont need an increase in lutefisk to face a durian consumption issue.

Signed: AnAnonymous

Tue, 03/19/2013 - 19:00 | 3350101 akak
akak's picture

I've been waiting for our George Dishwashington citizenism citizen to pop in and explain to us how the banking crisis in Cyprus, and its EU-British-Russian-Turkish-Greek complications, is all just another sordid manifestation of blobbing-up US 'american' citizenism.

Tue, 03/19/2013 - 19:09 | 3350136 TheFourthStooge-ing
TheFourthStooge-ing's picture

George Dishwashington citizenism citizen probably still fishing for river pigs. There's no bag limit when they're in season.

Wed, 03/20/2013 - 04:41 | 3351288 Lets Buy The Dip
Lets Buy The Dip's picture

yes amen to that! hey!

cypress bank run - is there a cypress bank run coming

I think we can all get ready for something big. 

WHY?

Well, just for a minute picture this. Cypress is small, and when the government are plannning something BIG, and I mean BIG, they always test small scale and need the test lab rats, and I think the people in cypress are exactly that. 

Call me wrong if you want, but do not be surprised when this does happen in the US, because it will. Do not get angry at ben bernanke, he is just doing what he is told. Those evil at the top and good old benny boy know exactly what they are doing, that is for sure. 

Tue, 03/19/2013 - 12:21 | 3347594 Slartebartfast
Slartebartfast's picture

Missing key data.  Current bailout estimates are propaganda lies.  EU cannot bail out Cypress banks because they hold more than 100x greater deposits than admitted (Russian deposits).  This is genuine rock and a hard place time.....

Tue, 03/19/2013 - 12:38 | 3347752 Things that go bump
Things that go bump's picture

Source?

Tue, 03/19/2013 - 12:52 | 3347856 Element
Element's picture

He's most probably referring to the KingWorld News report of the Jim Sinclair interview today that said "orders of magnetudes" (as in more than one) higher amounts than just 130 billion.

No number were given to support that though.

Tue, 03/19/2013 - 12:23 | 3347612 smlbizman
smlbizman's picture

i said it from the beginning....when they get done, losing 10% will look like such a deal...

cause as of now....the locks on the doors have been changed and the banks are going to re-open as starbucks...

i definetly expect  cyp-riots to be the start of a new "arab spring"....

Tue, 03/19/2013 - 12:57 | 3347892 F22
F22's picture

+1 for cyp-riots

Tue, 03/19/2013 - 12:28 | 3347646 shovelhead
shovelhead's picture

Mutti's nien turns to whine?

I'll buy that.

Tue, 03/19/2013 - 13:21 | 3348098 Buck Johnson
Buck Johnson's picture

Thats exactly what will happen.  You see they keep saying that Cyprus is a nothing and whatever happens there won't effect the EU.  But if that is the case then why are they so concerened.  It's because if their banks fail then those bonds and derivatives on those bonds will have failed and the insurance on those bonds and derivatives will have to pay.  And since like all the other banks in the EU and the US who have been leveraged, that 4 to 8 billion dollars could easily be 100 billion or more and that would have to be paid in full by insurance.  And not to mention that those bonds and derivatives are in default which starts a chain reaction of other banks and countries who have exposure to the country.

Tue, 03/19/2013 - 12:07 | 3347494 THX 1178
THX 1178's picture

I'm white in the face. Soon everyone'll be seeing red.

Tue, 03/19/2013 - 12:43 | 3347791 The Big Ching-aso
The Big Ching-aso's picture

Shit.   Looks like even New Zealanders now are abandoning their sheep for richer pastures.   I bet their goats are breathing a sigh of relief.

http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm

Tue, 03/19/2013 - 13:42 | 3348272 hampsterwheel
hampsterwheel's picture

...... when they sat back and took an objective look at the fact that they were basically ripping off X-KGB officers - that just didn't seem like a prudent move - after all food tasters and remote car starters are expensive -

 

Tue, 03/19/2013 - 12:00 | 3347433 The Juggernaut
The Juggernaut's picture

I sincerely hope the EU collapses today.

Tue, 03/19/2013 - 12:02 | 3347453 gjp
gjp's picture

That would only please me if it is very quickly followed by the demise of the US dollar and the insanely abused 'exorbitant privilige'.

The Europeans had one thing right, that the anglo-US financial system was basically criminal and extortionary.  Their mistake was to try to get in on the action.

Tue, 03/19/2013 - 12:59 | 3347482 DaveyJones
DaveyJones's picture

as long as you're sincere

"the Parliament will go ahead and vote after all, but not in a good way"

that's a theme will be hearing more and more

Tue, 03/19/2013 - 12:11 | 3347518 Randall Cabot
Randall Cabot's picture

March 19, 2013, 12:05 p.m. EDT

Investors shouldn't fear Cyprus or the Fed

Investors are making excuses to take some profits from the stock market's recent highs, says David Straus of Johnston Lemon Asset Management. One is Cyprus, the other, the Federal Reserve.

 

 

 

 

http://www.marketwatch.com/story/investors-shouldnt-fear-cyprus-or-the-fed-2013-03-19   

Tue, 03/19/2013 - 12:10 | 3347521 McMolotov
McMolotov's picture

ZH is providing a great service to its readers. You can't find this level of coverage anywhere else. In ye olden days, news like this would spread over the course of weeks or even months. We're watching it all happen in real-time.

Thanks to the Tylers for doing what the rest of the castrated media are too afraid to do.

Tue, 03/19/2013 - 12:19 | 3347582 BadKiTTy
BadKiTTy's picture

Here here!!! 

 

This is my go-to place - nothing comes close.  

 

K@ 

Tue, 03/19/2013 - 12:19 | 3347583 BadKiTTy
BadKiTTy's picture

Here here!!! 

 

This is my go-to place - nothing comes close.  

 

K@ 

Tue, 03/19/2013 - 12:19 | 3347585 BadKiTTy
BadKiTTy's picture

Here here!!! 

 

This is my go-to place - nothing comes close.  

 

K@ 

Tue, 03/19/2013 - 12:27 | 3347637 justinius1969
justinius1969's picture

HERE... HERE.... Lets take all the ZH boys and Gals down the pub and have one mighty piss up..

Tue, 03/19/2013 - 12:52 | 3347819 The Big Ching-aso
The Big Ching-aso's picture

My achy-breaky heart goes out to Cyprus.    As for their Cypriot-Idiot parliament have you thought about offering your services at no cost to the Zimbabwe government?   I mean it's better than them paying salaries for their existing one.

Tue, 03/19/2013 - 12:57 | 3347886 Jugdish
Jugdish's picture

 Still recovering from St. Patrick's day. Irish Car bombs never again.

Tue, 03/19/2013 - 13:29 | 3348181 mick_richfield
mick_richfield's picture

Hear, hear!  Here, here.

Tue, 03/19/2013 - 13:40 | 3348257 void_ptr
void_ptr's picture

Hear hear!

PS short for Hear him, hear him!

Tue, 03/19/2013 - 17:19 | 3349558 misitu
misitu's picture

Would just like to repeat that, hearty thanks to ZH for this coverage. Other sources are a day or three behind. Well done and much appreciated: to the Tylers and your Contributors.

Just my S/.0.20

Sunny here, and g o l d in the hills just behind ...

Tue, 03/19/2013 - 12:13 | 3347540 machineh
machineh's picture

Wouldn't it be ironic -- and poetic -- if one of the EZ's pipsqueak members bought the whole house of cards crashing down?

A monarch butterfly flaps its wings in Limassol, and the ECB crumbles to the ground in Frankfurt.

OPERATIC!

Tue, 03/19/2013 - 13:30 | 3348190 asteroids
asteroids's picture

Cyprus is having their "Iceland" moment. Good for them!

Tue, 03/19/2013 - 11:57 | 3347426 Awakened Sheeple
Awakened Sheeple's picture

Bullish for bank runs

Tue, 03/19/2013 - 12:03 | 3347462 peter4805
peter4805's picture

Bullish mattresses.

Tue, 03/19/2013 - 12:07 | 3347487 DaveyJones
DaveyJones's picture

bullish for bull runs and bullshit

bearish for china shops

Tue, 03/19/2013 - 12:08 | 3347498 kaa1016
kaa1016's picture

It's funny listening to all of those long only types on CNBS try to convince people that this is no big deal and why you should keep buying. Come on Josh Brown, the next move higher. I hope you're talking about the VIX. Fucking retards. BTW, last day of trading for March VIX calls for those interested... 

Tue, 03/19/2013 - 11:58 | 3347429 OptionNinjaNYC
OptionNinjaNYC's picture

You know what they say back in Germany:

When a Goat Fucks a Monkey, the Monkey screams Meow !!!

Unleash the BEARS....

 

http://wallstreetfool.com/

Tue, 03/19/2013 - 12:09 | 3347509 pods
pods's picture

Die Kacke ist am dampfen.

pods

Tue, 03/19/2013 - 12:39 | 3347762 farmerjohn2112
farmerjohn2112's picture

Nice...

Tue, 03/19/2013 - 16:13 | 3349262 Kirk2NCC1701
Kirk2NCC1701's picture

and fitting German metaphor.

Tue, 03/19/2013 - 11:58 | 3347436 Truther
Truther's picture

IT'S WAR BITCHEZ

 

RUN BABY RUN....

Tue, 03/19/2013 - 11:58 | 3347437 Cdad
Cdad's picture

"The important thing is...it is unclear whether or not the seething ex KGB Russian oligarchs, currently on inbound flights to Cyprus, are armed or not, or whether they intend to obeserve bank holiday hours."  B Pisani  

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