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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ebworthen's picture

Doesn't matter what happens, Bob Piss-ant-i will say it's bullish for equities.

Politicians and banks stealing depositor's money; "Nothing to see hear, buy stawks!".

Mediocritas's picture

I predict that there will be a meeting in Brussels about the crisis and that at this meeting they will agree to have more meetings about the crisis and that this process will recurse until there is a stack overflow and everyone forgets what the crisis even was. That's Europe!

Element's picture

<nods> fluoride in the crumpets ;-)

aka Gil's picture

Are we seeing some short covering in the paper gold market yet?

Racer's picture

PPT to ChairSatan

I cannae hold her any longer Cap'n

Hughing's picture

Bullish for Cyrpus rentals

squid virtuous's picture

Send Pisani to Cyprus in one of his Armani suits... for some chats with the folks

yogibear's picture

CNBS's Pis-on-me is just another Wall Street mouth piece. Feed him to the sharks.

Schmuck Raker's picture

Don't forget the blindfold.

And last cig.

yogibear's picture

The whole world is watch and waiting to see if Cyprus shows the technocrats, bankster leeches and  Troika the door.

NoTTD's picture

It's tight sphincter time.

DaveyJones's picture

dollar diarrhea

constitutional constipation

quite a condition

for this once "great" nation

tecno242's picture

Here's what happens now...

The Cypriot leaders realize that the EU is trying to confiscate their hard earned cash.  They therefore won't allow any solution to the problem.

Let the derivitive explosions begin, as for the first time, a banking system is allowed to implode on the bond holders.

magpie's picture

"We will take steps to study the proposal" lol

monopoly's picture

All is well. Please, continue enjoying your dinner and the music. That sound you heard, it was just a very small iceberg. Nothing to be concerned about. We are here to help you enjoy the festivities. 

BlueCheeseBandit's picture

The governments are proving impotent! We can do whatever we want! I'm going to spank a midget covered in salad dressing!

Its_the_economy_stupid's picture

I think i read this morning the DB was exiting its advising roles on the committees tat set inter-bank lending rates for the Euro and the Aussie Dollar. i can't remember the link.

Wonder why? Is this some footwork for future positioning of Germany in the EMU?

Charles Nelson Reilly's picture

"I'm just gonna go find a cash machine" ~ The Dude

lizzy36's picture

It is all fun and games until the EU loses and Island

thismarketisrigged's picture

did we really need this news today?

 

its so not fair to bernanke, he had a speech ready for tomm, and now with this news he has to rewrite his speech completely to try and keep the markets a float.

 

i do love seeing the reds on my screen, im hoping this escelates so bad that all the bankers lose there jobs and go to prison . fuck u wall st, die

 

also, how is that record high for the s&p doing wall st? o so close, but not close enough. ha ha, fuck u bankers

HurricaneSeason's picture

Wall Street will make bets on the Dow and the country to crash while sending more jobs out of the country, if they feel like it.  They don't need pension plans to do well to make money. They were making bets on the subprime loans to fail as they were selling the crappy mortgage backed securities.

eclectic syncretist's picture

The SLV jan 2014 put/call ratio went from 0.5 to 0.35 in the first two weeks of this month, with other comparable events that now make sense in light of these developments.  Obviously, someone knew or at least had a really good hunch that something like this was going to happen.

HurricaneSeason's picture

Commies.  It was going to go for the good of housing values and bank capitalization. These are the job creators.  Negative Nominal Interest Rates (NNIR) are the only thing that will turn the world economy around and reduce government debt.

squid virtuous's picture

What time does our fearless leader Ben Shalom speak tomorrow? or is it just a release of more BS statements from the Fed?

ziggy59's picture

Maybe Parliment got some new telephones REDex'd this afternoon from some Comrades and had heard some voice mails, or RED some ineresting texts, or links to the Godfather movie series...just sayn

Monedas's picture

Euro-Crisis Groundhog Day .... get some popcorn and get comfortable !

Atomizer's picture

Passes

Fails

 

Place your vote.

glenlloyd's picture

wait....where's MDB's idiotic commentary?

SmallerGovNow2's picture

Please don't awaken the trolls...

blu's picture

Here let me try:

Americans watching the drama in Cyprus can better appreciate how well our own banking system works. No depositor has ever lost a single dime by depositing their money in a US bank, and never will. America has the safest and best-regulated banking institutions in the world, and money from Europe is pouring into US banks even as their own banks require endless bailouts. I can never understand all the whining I hear about US banks and the financial sector being unregulated and underhanded. Our financial centers are shining examples of regulated growth with safeguards! America being the heart and soul of capitalism, its citizens can go to bed at night secure in the knowledge that their retirements, savings, investments and college trusts are in good hands.

How'd I do?

Jack Burton's picture

Maybe they will now accept the Russian offer. Gasprom money in exchange for drilling rights in Cyprus waters. It is still on the table I believe.

The EU bankers are pissing themselves just about now. If they eject Cyprus from the EU, then the flood gate is open. Also, with the Russian deal hanging out there, a kicked out Cyprus just might go for it.

That would leave the EU and the US/NATO axis only one choice. War on Russia! Trouble is that Vlad is hip to how the EU/NATO operates, and has vowed to detonate nuclear weapons over any foreign [read NATO] force to cross onto Russian soveriegn territory. Vald may be less than a good guy, but when he tells NATO to go fuck themselves, it does brighten my day!

Spacemoose's picture

is it a candle because we call it a candle or is it a candle because it burns? you ARE jack burton!

 

machineh's picture

Jack speaks of a larger geopolitical dimension that few have grokked.

NATO (meaning the U.S.) is trying to take over British bases on Cyprus. Russia is dead set against it.

As Saddam Hussein used to say, 'Everything is possible now, my brothers!'

akak's picture

Britain, the has-been bankrupt rump of a former empire, still has overseas military bases?  I would never have guessed it.

Ghordius's picture

sure it has, and some of them are only temporarily leased to the US

specifically that base in Cyprus was handy to have when the UK and France wanted to trash Egypt and take back the Suez Canal, in the Fifties

Uncle Sam called them back after they were already landing with stern words and lots of threats and since then we live in the Pax Americana

also called the Great Dollar Bazaar, or The Greatest Commercial Empire Ever, or the Greenback Hegemony

a pity that the empire has megabankster-cancer

akak's picture

Yeah, but what the HELL are the British still doing in Cyprus?  Who, or what, are they still defending?  It's not like they have even a sliver of their former empire left, unless one wants to talk about crazily isolated specks of land like St. Helena and Pitcairn Island.  I mean, just who do they think they are with their laughable imperial pretensions, the USA?

Ghordius's picture

akak, imperialism is not a habit that you get rid of lightly. F & UK also have both nuclear weapons, and submarines, and so on. trust me, the moment Uncle Sam spends less than 50% of the world's military expenses both "former" colonialists will find lots of reasons why the world needs them

hey, who do you think still does the diplomatic legwork for the US? who talks with the sheiks? PM Cameron. who talks with half Africa? Hollande. and so on. In fact, some say that your State Department is an utter waste of money, or only good as a front for the secret services

DaveyJones's picture

Jack speaks the truth

Western Europe has little energy, lots of consumption,

and now, a financial house of cards laid out for all to see

 

Ghordius's picture

eh, we still produce the "things" that Russians and Chinese want. you know, the "things"? that stuff that leads to a positive trade balance? of course I'm talking about the eurozone, then the UK...

DaveyJones's picture

I thought Russia and China produce their own prostitutes?   

Kirk2NCC1701's picture

Hate to brake it to your blissful life, but if candy-ass "Average Americans" had to pay $8-9 per gallon for gas, there'd be a collapse. Have you ever been to Europe, for any meaningful length of time?

Just had some beers with a CWL toting Americanized German and American engineer at the airport. Both are headed to Europe. The American guy tells me that few things scare him as much as "a person who bitches & moans about a place they've never been to, much less spent any time there. Because they are dogmatic and pre-programmed. Might as well debate Jehovah's Witnesses." I hoisted my glass in approval.

Element's picture

The EU is one EMP pop away from a re-run of the bronze age.

They seem to keep forgetting that.

Ghordius's picture

the european continent is one EMP pop away from the 19th Century, you mean - don't forget that our cities functioned then, and were not that much smaller than now. it's newer parts of the world that would go further back with one EMP pop. and don't get me started on agriculture

SmallerGovNow2's picture

VERY interesting thesis Jack...

Ghordius's picture

bloodthirsty. and who the fuck delivers our oil and natgas if "we" go to war with Russia? no interest, thanks. go and play warriors and soldiers somewhere else, this continent is already chockerblock full with historic battlesites

terryfuckwit's picture

I have spoken at great lengths to old friends in mi6 and this is operation britbrics uk have historically very good relations with Cypriots and are working with the brics to pull the plug on the financial ponzi.. Eu politicians are merely pawns ... Obama knows what is happening but is keeping stum for his financial overlords who will soon be arrested....

And then I woke up ......