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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insanelysane's picture

Like I commented yesterday, mafias do not let their ill booten gotty get confiscated without someone paying the price.  Plan B, save the small guy and take more from the mafia wasn't going to go well.

Politicians choice: get stomped to death by the masses cause you can't drone them all or get blown up when you hop in your car in the morning.

Key-Rick's picture

+1 for the esoteric M*A*S*H reference.

new game's picture

boris has arrived and getting shit straightened out.

the prez fully understands these overlooked concerns.

the fuckin wessel scurries to his next meeting.

sucks to be broke...

 

 

 

McMolotov's picture

Perhaps the mobsters can be pacified with Spiderman towels.

AngryRed's picture

Best comment yet Cdad.

azzhatter's picture

Pissani just wets himself

Racer's picture

Ooops

Cypriots going to do an Iceland? Go for IT!

DaveyJones's picture

we all need to put the big bankers on ice

DaveyJones's picture

I thought we'd cryogenically freeze some in case (actually when) we forget again and let them run amuck, then we'd thaw one out, remind ourselves and stop.  

Dewey Cheatum Howe's picture

We shall see just how far the EU will go to protect the Euro now. If it escalates to military intervention we may just be seeing this centuries Archduke Ferdinand moment here.

Headbanger's picture

Good thinh the TSA bought all the ammo..   Oh wait..

LawsofPhysics's picture

Good thing many of us can modify the uppers and lowers to run either round.

Kirk2NCC1701's picture

308 sides of the Force I like.

20-20 Hindsight's picture

+10

The "Archduke" moment is indeed the first thing that came to mind when this story broke on ZH Saturday, March 16th, i.e. way before all the MSM whores finally caught up yesterday.  

IMF, ECB, Fed, bullshit Troika... Frau Merkel... you bunch of fuck-ups... this time you crossed the line!  Let the games begin, please.

insanelysane's picture

But, but, but, something bad will happen if we don't take all of the depositors money.

nonclaim's picture

Technocrats have run out of knobs to turn and buttons to push... and a spring has just popped out.

NoDebt's picture

Not yet.  Just that the buttons and knobs left are ones they don't want to touch.

Remember- DO THE RIGHT THING ONLY AFTER ALL OTHER OPTIONS HAVE BEEN EXHAUSTED.

That phrase hangs on my wall as a reminder.  Of what, I have no idea, but it's a reminder.

TheFourthStooge-ing's picture

.

Not yet.  Just that the buttons and knobs left are ones they don't want to touch.

They're the buttons and knobs sealed with a label stating that breaking the seal voids all warranties.

akak's picture

"THIS LABEL NOT TO BE REMOVED UNDER PENALTY OF LAW"

dracos_ghost's picture

And it's these Little Lord Fauntleroy's that are the cream of the intellectual crop of the ruling class?!

Don't ya know, you never go full retard. Just ask Sean Penn.

http://www.youtube.com/watch?feature=player_detailpage&v=X6WHBO_Qc-Q#t=117s

Diogenes's picture

"Technocrats have run out of knobs to turn and buttons to push... and a spring has just popped out."

 

You mean the rod is sticking out of the block on the Fiat.

DrDinkus's picture

did ZH website just go down due to traffic? the sheep are seeing the light

McMolotov's picture

Yes, at least for me. There's nowhere else to hear about this shit! Where's the rest of the fucking media???

DaveyJones's picture

in the backroom saying yes sir

NoDebt's picture

A minimum of 2 hours behind.

little buddy buys the dips's picture

what media? there ain't much else. this is about it, isn't it?

 

i mean, unless you're wanting the latest on lindsay lohan or the kardashians. you mean that media? yahoo has a sneak peak at the next hobbit movie and all the latest on lil wayne.

 

while not paying any attention to that media, i found some fool on craig's list selling silver eagles for $31. 

Jim B's picture

Good!  If the banks need to be put into bankruptcy... so be it.

Yes We Can. But Lets Not.'s picture

yeah, the world needs to put the bank back in bankruptcy....

DavidC's picture

Go Cyprus!

DavidC

Dr. Engali's picture

Damn that Cyprus .... Obama had this economy all fixed and now this. Time to send in a few drones and help the politicians better understand which way they will be voting.

DaveyJones's picture

if we would just keep voting each alternative party in every time things fuck up more, I'm sure that would fix it

Things that go bump's picture

There are no Republicans or Democrats; only Zool. The politician you vote for is only the face worn by those unelected figures who actually make the decisions.

Kirk2NCC1701's picture

But don't WE have a fine bunch of... politicians in the Land of the Free and home of...? Not!!!

SilverDoctors's picture

Meanwhile, depositor haircut bail-ins spreads to New Zealand!

http://www.silverdoctors.com/contagion-depositor-haircut-bail-ins-spread...

Gov't reportedly pursuing depositor haircuts for any future bank failures!

akarc's picture

The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.

"Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.

“Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand – a solution that will see small depositors lose some of their savings to fund big bank bailouts,” said Green Party Co-leader Dr Russel Norman"

From the above link

machineh's picture

Cyprus knows exactly what to do:

 

1. Redenominate bank liabilities into Cypriot pounds.

2. DEFAULT on external debt, including that owed to ECB. Later, offer them 30 cents on the euro ... converted to Cypriot pounds at the prevailing exchange rate.

3. Boom its ass off for the next ten years, while the PIIGS remain in depression ... unless they follow the Cypriot example.

FREE YOUR EUROS, FREE YOUR MINDS!

NoWayJose's picture

Here's to hoping they do it! Guarantee depositors but screw EU debt holders and foreign banks!

Al Huxley's picture

So they vote against the 'bail in' and the banks collapse.  Sorry depositors, you're all fucked, no matter how this goes.  Bail in, you lose 3 - 10+% immediately, and then unless you're one of the lucky 'first in liners' whenever the banks re-open, you lose the rest as the flaws of fractional reserve banking are exposed and the banks fail in a bank-run.  Or alternatively, the banks all fail now because there is no 'bail-in' and never re-open, and you just lose 100% immediately.  No win here.

ejmoosa's picture

This is what happens when you keep kicking the can down the road.  You WILL run out of road.

Anyone in DC paying attention?

Didn't think so.

blu's picture

"Anyone in DC paying attention?"

You bet they are.

This is news they were not able to control. People in the US won't know what it means, but they'll watch the Cypriots take it in the ass and suddenly realize that your money in a bank is not your money anymore, but the bank's money.

If as a result Americans pull out an average $5,000 per household (114,000,000 households according to the last census) the outflow comes to $570B

Oh yeah -- they are paying attention.

new game's picture

just thinking the same

i think we know what to do.

ZeroPoint's picture

They have created a Kobayashi Maru. The only way to stop a bank run is abandon the levy. If they abandon the levy, the banks collapse and depostors could lose everything, which will sieze up the credit markets and create more bank runs.

 

 

 

 

Headbanger's picture

Live long and prosper but get your cash out first!

terryfuckwit's picture

This is great craic altogether....... A choice between bank runs bank runs or bank runs.......can anyone suggest an alternative to money in the bank lol