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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NoDebt's picture

Ludicrous speed!

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.

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...

BaBaBouy's picture

And Germany ...

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

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...

McMolotov's picture

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

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.

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.

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

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.

TheFourthStooge-ing's picture

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

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. 

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.....

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.

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"....

shovelhead's picture

Mutti's nien turns to whine?

I'll buy that.

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.

THX 1178's picture

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

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

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 -

 

The Juggernaut's picture

I sincerely hope the EU collapses today.

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.

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

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   

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.

BadKiTTy's picture

Here here!!! 

 

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

 

K@ 

BadKiTTy's picture

Here here!!! 

 

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

 

K@ 

BadKiTTy's picture

Here here!!! 

 

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

 

K@ 

justinius1969's picture

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

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.

Jugdish's picture

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

void_ptr's picture

Hear hear!

PS short for Hear him, hear him!

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 ...

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!

asteroids's picture

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

Awakened Sheeple's picture

Bullish for bank runs

DaveyJones's picture

bullish for bull runs and bullshit

bearish for china shops

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... 

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/

Truther's picture

IT'S WAR BITCHEZ

 

RUN BABY RUN....

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